With copies to:
|
|
Boaz Noiman, Adv.
Sharon Rosen, Adv.
FISCHER (FBC & Co)
146 Menachem Begin Street
Tel Aviv 6492103, Israel
Telephone: +972-3-694-4111
|
Andris Vizbaras, Esq.
Carter Ledyard & Milburn LLP
2 Wall Street
New York, NY 10005
Telephone: (212) 238-8698 |
CALCULATION OF FILING FEE
|
|||
Transaction Valuation*
$10,750,174.40 |
|
Amount of Filing Fee**
$996.55 |
|
*
|
|
For purposes of calculating the filing fee only, this amount is based on the offer to purchase 959,837 ordinary shares of Optibase Ltd. at a purchase price of $11.20 cash
per share.
|
**
|
|
The amount of the filing fee was calculated in accordance with Rule 0-11 of the Exchange Act and Fee Rate Advisory # 1 for Fiscal Year 2022 issued by the Securities and
Exchange Commission, by multiplying the transaction valuation by 0.00009270.
|
|
|
|
NO.
|
|
DESCRIPTION
|
(a)(1)(A)
|
|
Offer to Purchase dated December 1, 2021.
|
(a)(1)(B)
|
|
Letter of Transmittal.
|
(a)(1)(C)
|
|
Form of Notice of Guaranteed Delivery
|
(a)(1)(D)
|
|
Letter to Brokers, Dealers, Commercial Banks, Trust Companies and Other Nominees.
|
(a)(1)(E)
|
|
Letter to Clients for use by Brokers, Dealers, Commercial Banks, Trust Companies and Other Nominees.
|
(a)(1)(F)
|
|
Declaration Form (“Declaration of Status for Israeli Income Tax Purposes”).
|
(a)(5)(A)
|
|
Text of Press Release issued by the Bidder on December 1, 2021.
|
(a)(5)(B)
|
|
Form of Cover of ‘Mifrat’ to be filed with the Israel Securities Authority on December 1, 2021.*
|
(a)(5)(C)
|
|
Form of Acceptance Notice to be filed with the Israel Securities Authority on December 1, 2021.*
|
(b)(1)
|
|
Confirmation of Framework Credit Limit, dated February 8, 2019, between Credit Suisse (Switzerland) Ltd. and the Bidder.
|
(b)(2)
|
General Deed of Pledge, dated September 21, 2018, by the Bidder in favor of Credit Suisse (Switzerland) Ltd.
|
|
(d)
|
|
Indemnification Agreement, dated November 30, 2021, by the Bidder in favor of the directors and officers of Optibase.
|
(g)
|
|
Not applicable.
|
(h)
|
|
Not applicable.
|
*
|
English translation from Hebrew.
|
(c)(1)
|
Valuation Report, dated December 31, 2020, of Wuest Partner AG regarding the commercial property of Optibase at Chemin des Aulx, Switzerland.
|
|
(c)(2)
|
Valuation Report, dated April 1, 2020, of Wuest Partner AG regarding the commercial property of Optibase at Rumlang, Switzerland.
|
|
(c)(3)
|
Valuation Reports, dated March 2021, of Florida House Appraisers, regarding 24 residential condominium units of Optibase in Miami, Florida.
|
|
(c)(4)
|
Financial analysis of MNS Consulting dated October 2021.
|
|
(c)(5)
|
Fairness opinion of MNS Consulting dated November 30, 2021.
|
|
(e)
|
Not applicable.
|
|
(f)
|
Sections 337 and 338 of the Israeli Companies Law.
|
THE CAPRI FAMILY FOUNDATION
Name: Andreas Kothgasser
Title: Trustee
|
|
/s/ S. T. Wyler
Shlomo (Tom) Wyler
|
NO.
|
|
DESCRIPTION
|
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
(c)(5)
|
Fairness opinion of MNS Consulting dated November 30, 2021.**
|
|
|
||
(e)
|
|
Not applicable.
|
(f)
|
Sections 337 and 338 of the Israeli Companies Law.**
|
|
(g)
|
|
Not applicable.
|
(h)
|
|
Not applicable.
|
*
|
English translation from Hebrew.
|
**
|
Attached as an annex to, and incorporated by reference to, Exhibit (a)(1)(A) hereto
|
THE OFFER AND WITHDRAWAL RIGHTS WILL EXPIRE AT 10:00 A.M., NEW YORK TIME, OR
5:00 P.M., ISRAEL TIME, ON DECEMBER 30, 2021, UNLESS THE OFFER IS EXTENDED.
|
• |
We are The Capri Family Foundation, a foundation organized under the laws of the Republic of Panama. See Introduction and Section 17 – “Information Concerning the Bidder Group.”
|
• |
Mr. Shlomo (Tom) Wyler personally holds 159,218 Optibase Shares, or approximately 3.1% of the outstanding Optibase Shares, making him the next largest holder of Optibase Shares after Capri, and we consulted with him about the terms
and conditions of our offer. Mr. Wyler, directly or through entities that he controlled, transferred to us a portion of the Optibase Share that we hold, and our beneficiaries, as a foundation, are the children and grandchildren of Mr.
Wyler. Because of these connections, our offer may be deemed in part to be structured by or made on behalf of Mr. Wyler, and in this offer to purchase we refer to Mr. Wyler and ourselves collectively as our “bidder group.” For clarity,
Mr. Wyler disclaims control of us or beneficial ownership of the Optibase Shares that we hold.
|
• |
We are offering to purchase all of the outstanding Optibase Shares not owned by the bidder group.
|
• |
It is a condition of our offer that prior to the expiration of our offer either –
|
|
o |
699,025 or more Optibase Shares shall have been validly tendered, and not validly withdrawn, and the majority of those Optibase Shares shall have been tendered by offerees who do not have a “personal interest,” within the meaning of
the Israeli Companies Law and as described below, in the offer; or
|
|
o |
855,512 or more Optibase Shares shall have been validly tendered, and not validly withdrawn.
|
• |
Our offer is subject to customary additional conditions but our offer is not conditioned on the availability of financing or the approval of the board of directors of Optibase.
|
• |
Under the Israeli Companies Law, a “personal interest” of a person in an action or transaction of a company (i) includes a personal interest of (a) any spouse, sibling, parent, grandparent or descendant of the person, any descendant,
sibling or parent of a spouse of the person and the spouse of any of the foregoing; and (b) a company with respect to which the person (or any of the foregoing relatives of the person) owns at least 5% of the outstanding shares or voting
rights, serves as a director or chief executive officer or has the right to appoint one or more directors or the chief executive officer; and (ii) excludes a personal interest arising solely from the ownership of shares. Under the
Israeli Companies Law, in the case of a person tendering by proxy “personal interest” includes the personal interest of either the proxy holder or the shareholder granting the proxy, whether or not the proxy holder has discretion how to
tender the shares. In accordance with the Israeli Companies Law, each tendering shareholder is required to inform us when tendering their Optibase Shares, by indicating in the Letter of Transmittal, whether or not it has a personal
interest in the acceptance of the offer; otherwise, such tendering shareholder will be deemed to have not tendered its Optibase Shares in the offer and its Optibase Shares will not be counted for the purposes of determining if the minimum
condition has been satisfied.
|
• |
If any condition is not satisfied, we may elect not to purchase, or may be prohibited from purchasing, any Optibase Shares tendered pursuant to the offer, or, subject to applicable law, we may waive such conditions. We will not waive
the minimum condition. See “Introduction,” Section 9 - “Terms of the Offer; Expiration Date” and Section 19 – “Conditions of the Offer.”
|
• |
The purpose of the offer is for Capri to acquire the entire equity interest in Optibase. See “Special Factors – Purpose of the Offer; Effects of the Offer; Plans for Optibase.”
|
• |
We are offering to pay $11.20 per Optibase Share, net to you (subject to withholding taxes, as applicable), in cash, without interest (the “Offer Price”). All shareholders tendering their Optibase Shares in the offer will be
paid solely in United States dollars. See “Introduction,” Section 9 - “Terms of the Offer; Expiration Date,” Section 10 – “Acceptance for Payment and Payment,” and, with respect to withholding taxes, Section 13 – “Material U.S. Federal
Income Tax and Israeli Income Tax Consequences.”
|
• |
Capri currently owns 4,097,201 Optibase Shares, or approximately 78.6% of the outstanding Optibase Shares,
and Mr. Wyler owns an additional 159,218 Optibase Shares, or approximately 3.1% of the outstanding Optibase Shares.
|
• |
On June 29, 2021, the last full trading day before we announced our intention to make an offer for all of the outstanding Optibase Shares not owned by the bidder group, the last reported closing price per Optibase Share reported on
Nasdaq was $11.00 and on the TASE was NIS 35.78.
|
• |
On November 30, 2021, the last full trading day before we commenced the offer, the last price per Optibase Share reported on Nasdaq was $10.25 and on the TASE was NIS 31.37. The Offer Price, $11.20 per
Optibase Share, is 9.27% greater than such last reported price on Nasdaq and 11.61% greater than such last reported price on the TASE.
|
• |
During the six months prior to commencement of the offer, the average closing price of the Optibase Shares reported on Nasdaq was $10.89 and on the TASE was NIS 34.81. The Offer Price, $11.20 per Optibase
Share, is 2.84% greater than such six-month average price on Nasdaq and 1.3% greater than such six-month average price on the TASE.
|
• |
Yes. We possess all of the necessary funds to consummate the offer from cash on hand and an existing loan facility with a third party lender. The offer is not conditioned on the availability of financing.
|
• |
According to Israeli law, to secure the payment for the Optibase Shares tendered pursuant to the offer, the Israeli Depositary, which is a TASE member, has agreed to guarantee our obligation to pay for the Optibase Shares tendered and
accepted by us for payment pursuant to the offer. To secure this guarantee, we have engaged the Israeli Depositary to act as an escrow agent and have deposited cash into an escrow account in an amount sufficient to pay for the maximum
number of Optibase Shares that we are offering to purchase in the offer.
|
• |
We do not believe that our financial condition is material to your decision whether to tender Optibase Shares and accept the offer because --
|
|
o |
The offer consideration consists solely of cash;
|
|
o |
the offer is not subject to any financing condition;
|
|
o |
all of the funds necessary to consummate the offer are available to us either as cash on hand or from an existing loan facility with a third party lender, and we have deposited cash into an escrow account with the Israeli Depositary in
an amount sufficient to pay for the maximum number of Optibase Shares that we are offering to purchase in the offer;
|
|
o |
we are already a controlling shareholder of Optibase; and
|
|
o |
we are a private foundation and our financial statements primarily reflect our management’s ability to manage an investment portfolio, rather than our ability to manage an operating company such as Optibase.
|
• |
You may tender your Optibase Shares until 10:00 a.m., New York time, or 5:00 p.m., Israel time, on December 30, 2021 (as may be extended, the “Expiration Date”).
|
• |
If you hold your Optibase Shares through a TASE member, you should tender your Optibase Shares to the Israeli Depositary by following the applicable procedures and instructions described in Section 11 - “Procedures for Tendering
Shares”; and
|
• |
All other holders of Optibase Shares should tender their Optibase shares to the U.S. Depositary by following the applicable procedures and instructions described in Section 11 - “ Procedures for Tendering Shares.”
|
• |
You may withdraw your tender at any time before 10:00 a.m., New York time, or 5:00 pm Israel time, on December 30, 2021 or, if we extend our offer, before 10:00 a.m., New York time, or 5:00 pm Israel time, on the date to which the
offer is extended.
|
• |
All of the Optibase Shares validly tendered pursuant to the offer and not properly withdrawn will be paid for promptly following the Expiration Date. We expect to make such payment within four U.S. business days following the
Expiration Date. See Section 9 - “Terms of the Offer; Expiration Date,” Section 10 – “Acceptance for Payment and Payment” and Section 19 – “Conditions of the Offer.”
|
• |
We have the right, in our sole discretion, to extend the Expiration Date, subject to applicable law. In addition, in certain circumstances, we may be required by law to extend the Expiration Date. See Section 9 - “Terms of the Offer;
Expiration Date.”
|
• |
If we decide to extend the Expiration Date, we will inform the Depositaries, the Information Agent and our Israeli legal counsel of that fact. We will also publicly announce the new Expiration Date in accordance with applicable law,
and in any event we will issue a press release no later than 9:00 a.m., New York time, or 4:00 p.m., Israel time, on the first U.S. business day following the day on which we decide to extend the Expiration Date. Under Israeli law, we are required to file an immediate report with the ISA no later than one Israeli business day prior to the previously scheduled Expiration Date, and, within one Israeli business day thereafter,
publish the notice in two daily newspapers having a mass circulation and published in Israel in Hebrew. See Section 9 - “Terms of the Offer; Expiration Date.”
|
• |
Under applicable U.S. law, no later than ten U.S. business days from the date of this offer to purchase, Optibase is required to publish, send or give to you a statement disclosing that it either recommends acceptance or rejection of
the offer, expresses no opinion and remains neutral toward the offer, or is unable to take a position with respect to the offer.
|
• |
Under Israeli law, Optibase’s board of directors is not required to express its opinion to the shareholders on the advisability of the offer, and it may refrain from expressing an opinion on the offer.
|
• |
Yes. Capri currently owns approximately 78.6% of the outstanding Optibase Shares and controls Optibase. Mr. Wyler owns approximately 3.1% of the outstanding Optibase Shares and serves as the Chief Executive Officer of its subsidiary,
Optibase Inc. Mr. Rouven Schwarz serves as a member of both the board of directors of Optibase and the board of trustees of Capri, and Mr. Schwarz entered into a service agreement with Optibase under which Mr. Schwarz provides real estate
related consulting services to Optibase, its subsidiaries and affiliates. Mr. Wyler is the father in law of Mr. Schwarz. These relationships may be deemed to create a conflict between the interest of each member of our bidder group to
fulfill their duties to Optibase and its unaffiliated shareholders, on one hand, and their interest in consummating the offer on the best possible terms for Capri, on the other hand.
|
• |
Yes. However, we believe this offer is not a necessary part of a going private transaction because we believe, based on the number of record holders of Optibase Shares during recent periods, that Optibase currently is able to delist
the Optibase Shares from Nasdaq and deregister the Optibase Shares under the Exchange Act. See Section 2 – “Position of Capri Regarding the Fairness of the Transaction.”
|
• |
Capri currently is an affiliate of Optibase and, if the offer is consummated, the shares of Optibase will cease to be traded on Nasdaq and cease to be registered under the Exchange Act. Because of these features, our offer is part of a
“going private” transaction as that term is used in SEC Rule 13e-3. In addition, if the offer is consummated, we will become a private company (within the meaning of Israeli law) and Optibase Shares will cease to trade on the TASE. See
Section 6 – “Rule 13e-3.”
|
• |
Each member of our bidder group believes that the offer, and the Offer Price to be received by holders of Optibase Shares who are unaffiliated with Optibase pursuant to the offer, are fair to such holders.
|
• |
The Offer Price represents a premium of approximately:
|
|
o |
1.8% to the closing price of the Optibase Shares on Nasdaq on June 29, 2021, the last trading day prior to the date that we announced that we were taking initial steps to commence the offer;
|
|
o |
9.27% to the closing price of the Optibase Shares on Nasdaq on November 30, 2021, the last trading day prior to commencement of our offer; and
|
|
o |
2.84% to the average closing price of the Optibase Shares on Nasdaq during the six months prior to commencement of the offer.
|
• |
MNS Consulting, the financial advisor to Capri, delivered to us a fairness opinion, attached as Annex A to this Offer to Purchase, as to the fairness of the Offer Price to be received by holders of Optibase Shares who are unaffiliated
with Optibase.
|
• |
Our offer has procedural features that help ensure fairness to holders of Optibase Shares who are not affiliated with Optibase.
|
• |
The receipt of cash for Optibase Shares accepted for payment by us from tendering shareholders who are “United States persons” for United States federal income tax purposes will be treated as a taxable transaction for United States
federal income tax purposes.
|
• |
The receipt of cash for Optibase Shares accepted for payment by us from tendering shareholders generally will be a taxable transaction for Israeli income tax purposes for both Israeli residents and non-Israeli residents, unless a
specific exemption is available or a tax treaty between Israel and the shareholder’s country of residence provides otherwise.
|
• |
We have obtained an approval from the Israel Tax Authority with respect to the Israeli withholding tax rates applicable to shareholders as a result of the sale of Optibase Shares pursuant to the offer. The approval provides, among
other things, that (1) shareholders who meet the following criteria will not be subject to Israeli withholding tax: (a) they acquired their Optibase Shares after its initial public offering in the United States on Nasdaq in 1999; (b) they
do not hold their Optibase Shares through an Israeli broker or Israeli financial institution; (c) they hold less than 5% of Optibase Shares; (d) they certify that they are not, and at the date of purchase of their Optibase Shares were not
Israeli residents (and, (i) in the case of a corporation, that no Israeli residents hold 25.0% or more of the means to control such corporation or are the beneficiaries of, or are entitled to, 25.0% or more of the revenues or profits of
such corporation, whether directly or indirectly, or (ii) in the case of a partnership, that no partner in the partnership is an Israeli resident and no Israeli resident holds, directly or indirectly via shares or through a trust or in
any other manner or with another who is an Israeli resident, 25.0% or more of any right in the partnership or, of the right to direct the manner of exercising any of the rights in the partnership); provided that (A) with respect to
shareholders who are individuals, they timely provide a copy of their passport; and (B) with respect to shareholders that shall receive an aggregate Offer Price that is in an amount in excess of US$100,000, they timely submit a valid
certificate of residency for tax purposes issued by the applicable tax authority of their country of residence, (2) payments to be made to tendering shareholders who hold their Optibase Shares through an Israeli broker or Israeli
financial institution will be made by us without any Israeli withholding at source, and the relevant Israeli broker or Israeli financial institution will withhold Israeli tax, if any, as required by Israeli law, and (3) shareholders who
are not described in clauses (1) and (2) above will be subject to Israeli withholding tax at the applicable rate of the gross proceeds payable to them pursuant to the offer, unless such shareholders obtain a tax withholding certificate
from the Israel Tax Authority, all as prescribed by Israeli tax law.
|
• |
Holders of Optibase Shares who do not tender their Optibase Shares in the offer will have appraisal rights in connection with our offer only if the Compulsory Acquisition occurs as a result of our offer.
|
• |
Under Sections 337 and 338 of the Israeli Companies Law, if we complete our offer and acquire the remaining Optibase Shares through a Compulsory Acquisition, an Israeli court may, at the request of any shareholder who did not tender
its shares in the offer, provided such request is submitted within six months of the completion of the offer, determine that the consideration paid for the Optibase Shares was less than the fair market value and decide that we should
pay the fair market value, as determined by the court. Any shareholder who tendered its shares in the offer shall not be entitled to appraisal rights. See Section 3 – “Purpose of the Offer; Effects of the Offer; Plans for Optibase.”
|
• |
If a sufficient number of Optibase Shares are validly tendered, and not withdrawn, in our offer, then we will acquire the remaining Optibase Shares through the Compulsory Acquisition.
|
• |
You can call D.F. King & Co., Inc., our Information Agent in the United States, at (212) 269-5550 (banks and brokers) or Toll Free at (800) 829-6554, or FISCHER (FBC & Co.), our legal counsel in Israel, at their addresses and
telephone numbers set forth on the back cover of this offer to purchase.
|
|
• |
statements regarding the public float of Optibase Shares following consummation of the offer;
|
|
• |
statements regarding whether the Optibase Shares will continue to be “margin securities” following consummation of the offer;
|
|
• |
statements regarding whether the Optibase Shares will continue to be traded on Nasdaq or the TASE or registered under the Exchange Act following consummation of the offer;
|
|
• |
statements regarding the plans, objectives or expectations regarding the future operations or status of us or Optibase; and
|
|
• |
any statement of assumptions underlying any of the foregoing.
|
|
• |
changes in domestic and foreign economic and market conditions;
|
|
• |
changes in the ownership of Optibase Shares, particularly any substantial accumulations by persons who are not affiliated with us;
|
|
• |
uncertainty as to the completion of the offer; and
|
|
• |
the risk factors detailed in Optibase’s most recent annual report on Form 20-F and its other filings with the SEC.
|
1. |
2. |
|
• |
The Offer Price represents a premium of approximately:
|
|
o |
1.8% to the closing price of the Optibase Shares on Nasdaq on June 29, 2021, the last trading day prior to the date that we announced that we were taking initial steps to commence the offer;
|
|
o |
9.27% to the closing price of the Optibase Shares on Nasdaq on November 30, 2021, the last trading day prior to commencement of our offer; and
|
|
o |
2.84% to the average closing price of the Optibase Shares on Nasdaq during the six months prior to commencement of the offer.
|
|
• |
MNS Consulting, the financial advisor to Capri, delivered to us a fairness opinion, attached as Annex A to this Offer to Purchase, as to the fairness of the Offer Price to be received by holders of Optibase Shares who are unaffiliated with
Optibase.
|
|
• |
The relative lack of liquidity for the Optibase Shares and the liquidity that will be realized by the unaffiliated shareholders of Optibase from the offer were factors considered by us. The average daily trading volumes for the Optibase
Shares, combining trading on Nasdaq and on the TASE, for the three month period prior to and including November 30, 2021, the last date on which the Optibase Shares traded prior to commencement of the offer, was approximately 1,403 Optibase
Shares, which is a limited trading volume; therefore, the Optibase Shares have limited liquidity for the unaffiliated public holders and it may be difficult for the unaffiliated public holders to sell their Optibase Shares without adversely
impacting the trading price.
|
|
• |
Neither Capri nor any of its affiliates has received an offer for Optibase from a third party in the past two years. We considered the absence of any unsolicited third party buyer for Optibase to support the fairness of the offer to the
unaffiliated stockholders of Optibase, because the absence of such a third party buyer demonstrates that the offer is the only likely source of prompt liquidity for the Optibase Shares available to all of the unaffiliated holders of Optibase
Shares.
|
|
• |
The offer is not subject to any financing condition.
|
|
• |
The offer provides holders of Optibase Shares with the certainty of receiving cash for their Optibase Shares and removes the risk of any decrease in the value of Optibase.
|
|
• |
Each of such holders will be able to decide voluntarily whether or not to tender Optibase Shares in the offer.
|
|
• |
The minimum condition of the offer will be satisfied only if either (i) 699,025 or more Optibase Shares shall have been validly tendered, and not validly withdrawn, and the majority of those Optibase Shares shall have been tendered by
offerees who do not have a “personal interest,” within the meaning of the Israeli Companies Law, in the offer or (ii) 855,512 or more Optibase Shares shall have been validly tendered, and not validly withdrawn. See Section 19 – “Conditions of
the Offer.” In either case, the majority of the Optibase Shares that are not already held by our bidder group will have been tendered in the offer.
|
|
• |
Holders of Optibase Shares will have sufficient time to make a decision whether or not to tender since the offer will remain open for a minimum of 20 business days.
|
|
• |
If the offer is consummated, shareholders who did not tender shares in the offer may perfect their statutory rights of appraisal, by following the appraisal procedures under the Israeli Companies Law, in which case the Israeli court may
determine that the consideration paid for the Optibase Shares was less than “fair value” and that such shareholders are entitled to receive the “fair value” of their Optibase Shares, as determined by the court.
|
|
• |
Any holder that tenders all its Optibase Shares in the offer or whose Optibase Shares are acquired in the Compulsory Acquisition would cease to participate in the future earnings or growth, if any, of Optibase or benefit from increases, if
any, in the value of Optibase.
|
|
• |
The sale of Optibase Shares in the offer is generally taxable to the selling security holders.
|
|
• |
Our bidder group currently owns approximately 81.7% of the outstanding Optibase Shares, and this ownership position may preclude competing offers from third parties.
|
|
• |
Certain directors and officers of Optibase have actual or potential conflicts of interest in connection with our offer. See Section 4—“Interests of Certain Persons in the Offer” and Schedule A.
|
|
• |
The board of directors of Optibase has formed the Special Committee and the Special Committee has engaged separate legal counsel. However, the offer is not conditioned on the approval of the Special Committee and we have not negotiated the
terms of the offer with the Special Committee or with any other person representing the interests of the holders of Optibase Shares who are not affiliated with Optibase.
|
3. |
|
• |
the decrease in costs, particularly those associated with being a public company (for example, as a privately-held entity, Optibase would no longer be required to file annual or other periodic reports with the Commission or publish and
distribute to its shareholders annual reports and proxy statements), that we anticipate could result in substantial annual savings of audit, legal, insurance and other costs; and
|
|
• |
the elimination of burdens on Optibase’s management associated with public reporting and other tasks resulting from Optibase’s public company status, including, for example, the dedication of time by, and resources of, Optibase’s
management to shareholder inquiries and investor and public relations.
|
|
• |
an extraordinary corporate transaction, merger, reorganization or liquidation involving Optibase or any of its subsidiaries;
|
|
• |
a purchase, sale or transfer of a material amount of the assets of Optibase or any of its subsidiaries;
|
|
• |
any change in the present board of directors and management of Optibase (including any plan or proposal to change the number or term of directors or to fill any existing vacancy on the board or to change any material term of the employment
contract of any executive officer);
|
|
• |
any other material change in Optibase’s corporate structure or business;
|
|
• |
a delisting of the Optibase Shares from Nasdaq or TASE;
|
|
• |
the Optibase Shares becoming eligible for termination of registration under the United States Securities Exchange Act of 1934, as amended, or the Exchange Act; or
|
|
• |
influencing Optibase to pay dividends on the Optibase Shares, provided that if we consummate the offer and thereby become the sole holder of Optibase Shares, we may from time to time cause Optibase to pay dividends to us as required for
our internal intercompany purposes.
|
4. |
5. |
6. |
7. |
|
• |
not take any action at that time, including not purchasing any additional Optibase Shares; and/or
|
|
• |
make a new tender offer.
|
8. |
|
• |
The principal assets of Optibase consists of three real estate properties (of which two are in Switzerland and the third is in Florida) in which Optibase is the sole or majority owner. For each of these three properties, MNS Consulting
relied on valuations that recently were performed for Optibase by third party appraisers.
|
|
• |
Optibase also is the minority holder in three additional real estate properties in Illinois, Pennsylvania and Texas. MNS Consulting derived valuations for each of these minority holdings of Optibase.
|
|
• |
Optibase has deferred tax liabilities (which it generally must pay) and loss carry-forwards (which may reduce its tax liabilities). MNS Consulting considered these deferred taxes and loss carry-forwards as part of its valuation of
Optibase.
|
|
• |
MNS Consulting also determined, as a liability, the terminal value of the general and administrative expenses of Optibase and subtracted this amount as part of its valuation of Optibase.
|
9. |
|
• |
extend the Expiration Date and, subject to applicable withdrawal rights, retain all tendered Optibase Shares;
|
|
• |
if the only conditions that have not been satisfied are one or more of the conditions set forth in clause (b) of Section 19, waive such condition(s) and accept for payment and pay for all Optibase Shares validly tendered and not properly
withdrawn prior to the Expiration Date; or
|
|
• |
terminate the offer and not accept for payment or pay for any Optibase Shares and promptly return all tendered Optibase Shares.
|
10. |
11. |
|
• |
by a registered holder of Optibase Shares who has not completed either the box entitled “Special Delivery Instructions” or the box entitled “Special Payment Instructions” on the Letter of Transmittal; or
|
|
• |
for the account of an eligible guarantor institution.
|
|
• |
such tender is made by or through an Eligible Institution;
|
|
• |
a properly completed and duly executed Notice of Guaranteed Delivery, substantially in the form provided by Purchaser, is received by the U.S. Depository (as provided below) prior to the Expiration Date; and
|
|
• |
the certificates for all tendered Optibase Shares, in proper form for transfer (or a Book-Entry Confirmation with respect to all such Optibase Shares), together with a properly completed and duly executed Letter of Transmittal, with any
required signature guarantees (or, in the case of a book-entry transfer, an Agent’s Message in lieu of the Letter of Transmittal), and any other required documents, are received by the U.S. Depository within 2 trading days after the date of
execution of such Notice of Guaranteed Delivery. A “trading day” is any day on which Nasdaq is open for business.
|
|
• |
you have the full power and authority to tender, sell, assign and transfer the tendered Optibase Shares (and any and all Optibase Shares or other securities issued or issuable in respect of your Optibase Shares); and
|
|
• |
when we accept your Optibase Shares for payment, we will acquire good and unencumbered title to your Optibase Shares, free and clear of all liens, restrictions, charges and encumbrances and not subject to any adverse claims.
|
12. |
13. |
|
• |
an individual who is a citizen or resident of the United States;
|
|
• |
a corporation (or other entity taxable as a corporation for U.S. federal income tax purposes) created or organized under the laws of the United States, any state thereof or the District of Columbia;
|
|
• |
an estate, the income of which is subject to U.S. federal income tax regardless of its source; or
|
|
• |
a trust (A) if a court within the United States is able to exercise primary jurisdiction over its administration and one or more U.S. persons have authority to control all of its substantial decisions, or (B) if it has made a valid
election to be treated as a U.S. person under the Code.
|
|
• |
regulated investment companies;
|
|
• |
broker-dealers (including in securities or foreign currency) or insurance companies;
|
|
• |
persons who have elected to apply a mark-to-market method of accounting;
|
|
• |
certain former citizens or former long-term residents of the United States;
|
|
• |
tax-exempt organizations or retirement plans;
|
|
• |
persons subject to the alternative minimum tax;
|
|
• |
banks and other financial institutions;
|
|
• |
persons who hold their Optibase Shares as part of a position in a straddle or as part of a hedging, conversion, constructive sale, synthetic security, or other integrated investment;
|
|
• |
holders who received their Optibase Shares through the exercise of employee stock options or otherwise as compensation;
|
|
• |
partnerships or other pass-through entities or persons who hold their Optibase Shares through partnerships or other pass-through entities;
|
|
• |
holders who within the five-year period prior to the offer owned directly, indirectly or by attribution at least 10.0% of Optibase by vote or value; and
|
|
• |
persons whose functional currency is not the U.S. dollar.
|
|
• |
to the U.S. Depositary, then the U.S. Depositary may be required to withhold Israeli tax at the
applicable rate of the gross proceeds payable to such shareholder pursuant to the offer, unless such shareholder, upon the terms and conditions set forth in the Letter of Transmittal, either:
|
|
o |
certifies, by completing the Declaration Form (Declaration of Status for Israeli Income Tax Purposes), or the Declaration Form, included in the Letter of Transmittal or otherwise
delivered to such shareholder, that (1) (i) such shareholder is NOT and at the date of purchase of its Optibase Shares was not a “resident of Israel” for purposes of the Ordinance, and (A) if it is a corporation, that Israeli residents are
NOT “controlling shareholders” (as defined under Section 68A of the Ordinance) of such corporation (i.e., that Israeli residents do not hold 25.0% or more of the means to control such corporation), nor are Israeli residents the
beneficiaries of, and are not entitled to, 25.0% or more of such corporation’s revenues or profits, whether directly or indirectly, or (B) if it is a partnership, that no partner in the partnership is an Israeli resident and no Israeli
resident holds, directly or indirectly via shares or through a trust or in any other manner or with another who is an Israeli resident, 25.0% or more of any right in the partnership or, of the right to direct the manner of exercising any of
the rights in the partnership, (ii) such shareholder acquired its Optibase Shares after Optibase’s initial public offering on Nasdaq in 1999, and (iii) such shareholder is the beneficial owner (directly or indirectly) of less than 5% of the
outstanding Shares, and provided that (a) with respect to a shareholder who is an individual, such shareholder timely provides a copy of her/her passport; and (b) with respect to a shareholder that shall receive an aggregate Offer
Price that is in an amount in excess of US$100,000, such shareholder timely submits a valid certificate of residency for tax purposes issued by the applicable tax authority of their country of residence; or (2) such shareholder is a bank,
broker or financial institution resident in Israel. In such case, the U.S. Depositary will not withhold any Israeli withholding tax from the gross proceeds payable to such shareholder pursuant to the offer; or
|
|
o |
provide the U.S. Depositary with a valid certificate from the ITA entitling such shareholder to an exemption or a specified withholding tax rate, referred to as the ITA Waiver. In such case, the U.S. Depositary will withhold Israeli
withholding tax (or not withhold, if such shareholder is entitled to an exemption) from the gross proceeds payable to such shareholder pursuant to the offer in accordance with such ITA Waiver; or
|
|
• |
to the Israeli Depositary, and such shareholder
|
|
o |
holds its Optibase Shares through a TASE member, then such TASE member will withhold Israeli income tax, if applicable, at the rate of 25% of the gain realized by such shareholder from the sale of Optibase Shares in the offer, in
accordance with the Israeli Income Tax Regulations (Withholding from Consideration, Payment or Capital Gains on the Sale of a Security or Forward Transaction), 2002.
|
14. |
Quarter
|
Nasdaq Global Market
|
The Tel Aviv Stock Exchange
|
||||||||||||||
High
|
Low
|
High
|
Low
|
|||||||||||||
2019
|
||||||||||||||||
First Quarter
|
$
|
10.25
|
$
|
8.67
|
NIS 38.50
|
NIS 29.03
|
||||||||||
Second Quarter
|
$
|
12.25
|
$
|
9.55
|
NIS 47.49
|
NIS 34.51
|
||||||||||
Third Quarter
|
$
|
13.00
|
$
|
11.00
|
NIS 48.60
|
NIS 36.37
|
||||||||||
Fourth Quarter
|
$
|
12.63
|
$
|
9.44
|
NIS 50.00
|
NIS 37.21
|
||||||||||
2020
|
||||||||||||||||
First Quarter
|
$
|
12.03
|
$
|
9.53
|
NIS 44.00
|
NIS 33.00
|
||||||||||
Second Quarter
|
$
|
12.75
|
$
|
10.12
|
NIS 50.00
|
NIS 25.47
|
||||||||||
Third Quarter
|
$
|
12.13
|
$
|
10.32
|
NIS 45.49
|
NIS 36.50
|
||||||||||
Fourth Quarter
|
$
|
12.25
|
$
|
9.91
|
NIS 42.63
|
NIS 35.19
|
||||||||||
2021
|
||||||||||||||||
First Quarter
|
$
|
12.30
|
$
|
10.40
|
NIS 41.20
|
NIS 33.34
|
||||||||||
Second Quarter
|
$
|
14.64
|
$
|
10.51
|
NIS 55.00
|
NIS 33.50
|
||||||||||
Third Quarter
|
$
|
13.49
|
$
|
10.51
|
NIS 39.87
|
NIS 33.03
|
||||||||||
Fourth Quarter (through November 30, 2021)
|
$
|
11.50
|
$
|
9.10
|
NIS 38.70
|
NIS 30.97
|
Month
|
Nasdaq Global Market
|
The Tel Aviv Stock Exchange
|
||||||||||||||
High
|
Low
|
High
|
Low
|
|||||||||||||
November 2020
|
$
|
12.25
|
$
|
10.74
|
NIS 42.35
|
NIS 35.19
|
||||||||||
December 2020
|
$
|
12.25
|
$
|
9.91
|
NIS 42.63
|
NIS 36.50
|
||||||||||
January 2021
|
$
|
12.30
|
$
|
11.30
|
NIS 41.20
|
NIS 36.60
|
||||||||||
February 20201
|
$
|
11.99
|
$
|
10.40
|
NIS 39.63
|
NIS 35.00
|
||||||||||
March 2021
|
$
|
11.30
|
$
|
10.50
|
NIS 37.90
|
NIS 33.34
|
||||||||||
April 2021
|
$
|
14.64
|
$
|
10.51
|
NIS 55.00
|
NIS 34.00
|
||||||||||
May 2021
|
$
|
12.00
|
$
|
10.80
|
NIS 40.75
|
NIS 34.56
|
||||||||||
June 2021
|
$
|
11.41
|
$
|
10.60
|
NIS 37.78
|
NIS 33.50
|
||||||||||
July 2021
|
$
|
13.49
|
$
|
10.51
|
NIS 39.87
|
NIS 33.03
|
||||||||||
August 2021
|
$
|
11.30
|
$
|
10.66
|
NIS 37.12
|
NIS 33.45
|
||||||||||
September 2021
|
$
|
11.85
|
$
|
10.92
|
NIS 39.67
|
NIS 34.56
|
||||||||||
October 2021
|
$
|
11.50
|
$
|
9.10
|
NIS 37.09
|
NIS 30.97
|
||||||||||
November 2021 (through November 30, 2021)
|
$
|
10.67
|
$
|
10.01
|
NIS 38.70
|
NIS 31.55
|
15. |
16. |
|
Fiscal Year Ended
December 31, |
Nine Months Ended
September 30, |
||||||||||||||
|
2020
|
2019
|
2021
|
2020
|
||||||||||||
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS:
|
||||||||||||||||
Fixed income real estate rent
|
$
|
14,874
|
$
|
16,144
|
$
|
10,422
|
$
|
11,431
|
||||||||
Cost and expenses:
|
||||||||||||||||
Cost of real estate operations
|
$
|
2,548
|
$
|
2,948
|
$
|
1,667
|
$
|
1,984
|
||||||||
Real estate depreciation, amortization and impairment
|
$
|
3,946
|
$
|
4,321
|
$
|
2,962
|
$
|
2,718
|
||||||||
General and administrative
|
$
|
2,523
|
$
|
3,047
|
$
|
2,355
|
$
|
1,800
|
||||||||
Total cost and expenses
|
$
|
9,017
|
$
|
10,316
|
$
|
6,984
|
$
|
6,502
|
||||||||
Gain on sale of operating properties
|
$
|
9,127
|
$
|
--
|
$
|
--
|
$
|
9,127
|
||||||||
Operating income
|
$
|
14,984
|
$
|
5,828
|
$
|
3,438
|
$
|
14,056
|
||||||||
Other Income
|
$
|
454
|
$
|
722
|
$
|
639
|
$
|
301
|
||||||||
Financial expenses, net
|
$
|
(1,781
|
)
|
$
|
(2,630
|
)
|
$
|
1,262
|
$
|
1,758
|
||||||
Income before taxes on income
|
$
|
13,657
|
$
|
3,920
|
$
|
2,815
|
$
|
12,599
|
||||||||
Taxes on income
|
$
|
2,162
|
$
|
1,472
|
$
|
1,014
|
$
|
1,665
|
||||||||
Equity share in losses of associates, net
|
$
|
2,079
|
$
|
2,321
|
$
|
1,132
|
$
|
1,569
|
||||||||
Net income
|
$
|
9,416
|
$
|
127
|
$
|
669
|
$
|
9,365
|
||||||||
Net income attributable to non-controlling interests
|
$
|
2,983
|
$
|
2,120
|
$
|
2,114
|
$
|
2,307
|
||||||||
Net income (loss) attributable to Optibase Ltd.
|
$
|
6,433
|
$
|
(1,993
|
)
|
$
|
(1,445
|
)
|
$
|
7,058
|
||||||
Net earnings (loss) per share:
|
||||||||||||||||
Basic and Diluted
|
$
|
1.24
|
$
|
(0.38
|
)
|
$
|
(0.28
|
)
|
$
|
1.36
|
||||||
Number of shares used in computing earnings per share:
|
||||||||||||||||
Basic
|
5,186
|
5,186
|
5,186
|
5,186
|
||||||||||||
Diluted
|
5,186
|
5,186
|
5,186
|
5,186
|
|
As of
December 31, |
As of
September 30, |
||||||||||||||
|
2020
|
2019
|
2021
|
2020
|
||||||||||||
CONDENSED CONSOLIDATED BALANCE SHEET
|
||||||||||||||||
Assets
|
||||||||||||||||
Current assets:
|
||||||||||||||||
Cash and cash equivalents
|
$
|
28,820
|
$
|
12,564
|
$
|
30,198
|
$
|
29,676
|
||||||||
Restricted cash
|
835
|
32
|
577
|
912
|
||||||||||||
Trade receivables, net
|
216
|
536
|
272
|
366
|
||||||||||||
Other accounts receivables and prepaid expenses
|
569
|
628
|
1,930
|
840
|
||||||||||||
Property held for sale
|
--
|
29,727
|
--
|
--
|
||||||||||||
Bonds related deposits
|
2,564
|
--
|
2,257
|
--
|
||||||||||||
Total current assets
|
33,004
|
43,487
|
35,234
|
31,794
|
||||||||||||
Long term investments:
|
||||||||||||||||
Long-term deposits
|
98
|
2,678
|
98
|
2,495
|
||||||||||||
Right-of-use assets
|
272
|
376
|
167
|
283
|
||||||||||||
Investments in companies and associates
|
9,269
|
11,657
|
5,925
|
9,890
|
||||||||||||
Total long term investments
|
9,639
|
14,711
|
6,190
|
12,668
|
||||||||||||
Real estate properties, net
|
192,054
|
181,109
|
179,957
|
185,560
|
||||||||||||
Total assets
|
$
|
234,697
|
$
|
239,307
|
$
|
221,381
|
$
|
230,022
|
||||||||
Liabilities and Stockholders’ Equity
|
||||||||||||||||
Current liabilities:
|
||||||||||||||||
Current maturities of long term loans and bonds
|
$
|
6,447
|
$
|
28,803
|
$
|
4,097
|
$
|
6,137
|
||||||||
Accounts payable and accrued expenses and other
|
4,144
|
5,170
|
4,429
|
6,412
|
||||||||||||
Operating lease liabilities
|
166
|
--
|
136
|
--
|
||||||||||||
Liabilities attributed to discontinued operations
|
2,061
|
2,061
|
2,061
|
2,061
|
||||||||||||
Total current liabilities
|
12,818
|
36,034
|
10,723
|
14,610
|
||||||||||||
Long term liabilities:
|
||||||||||||||||
Deferred tax liabilities
|
15,095
|
13,801
|
14,407
|
14,208
|
||||||||||||
Land lease liability, net
|
7,054
|
6,110
|
6,641
|
6,759
|
||||||||||||
Operating lease liabilities
|
146
|
257
|
55
|
159
|
||||||||||||
Long term loans, net of current maturities
|
112,923
|
108,406
|
105,817
|
108,960
|
||||||||||||
Long term bonds, net of current maturities
|
--
|
2,845
|
--
|
1,434
|
||||||||||||
Total long term liabilities
|
135,218
|
131,419
|
126,920
|
131,520
|
||||||||||||
Shareholders’ equity:
|
||||||||||||||||
Shareholders’ equity of Optibase Ltd.
|
61,464
|
51,844
|
57,860
|
60,439
|
||||||||||||
Non-controlling interests
|
25,197
|
20,010
|
25,878
|
23,453
|
||||||||||||
Total shareholders’ equity
|
86,661
|
71,854
|
83,738
|
83,892
|
||||||||||||
Total liabilities and shareholders’ equity
|
$
|
234,697
|
$
|
239,307
|
$
|
221,381
|
$
|
230,022
|
17. |
|
• |
has been convicted in a criminal proceeding in the past five years (excluding traffic violations or similar misdemeanors);
|
|
• |
has been party to any judicial or administrative proceeding during the past five years (except for matters that were dismissed without sanction or settlement) that resulted in a judgment, decree or final order enjoining the person from
future violations of, or prohibiting activities subject to, U.S. federal or state securities laws, or a finding of any violation of U.S. federal or state securities laws; or
|
|
• |
has been otherwise convicted in a criminal proceeding and the statute of limitation regarding such conviction, pursuant to the Israeli Criminal Registration and Rehabilitation Law, 1981, has not elapsed prior to the date of this offer to
purchase.
|
18. |
|
• |
If we do not consummate the offer then we will repay the loan from the release of the escrow account.
|
|
• |
If we consummate the offer, then we will cause Optibase to pay to us, from its cash on hand, a cash dividend in an amount sufficient to enable us to repay the Loan.
|
|
• |
the offer consideration consists solely of cash;
|
|
• |
the offer is not subject to any financing condition, we have obtained the necessary funds to consummate the offer and we have deposited cash into an escrow account with the
Israeli Depositary in an amount sufficient to pay for the maximum number of Optibase Shares that we are offering to purchase in the offer;
|
|
• |
members of our bidder group in the aggregate already hold 81.7% of the outstanding Optibase Shares as of July 7, 2021, and therefore control Optibase;
|
|
• |
we are a private foundation and our financial statements primarily reflect our management’s ability to manage an investment portfolio, rather than our ability to manage an operating company such as Optibase.
|
19. |
|
o |
699,025 or more Optibase Shares shall have been validly tendered, and not validly withdrawn, and the majority of those Optibase Shares shall have been tendered by offerees who do not have a “personal interest,” within the meaning of the
Israeli Companies Law and as described below in this section, in the offer; or
|
|
o |
855,512 or more Optibase Shares shall have been validly tendered, and not validly withdrawn.
|
|
• |
Any action taken, or any statute, rule, regulation, legislation, interpretation, judgment, order or injunction enacted, enforced, promulgated, amended, issued or deemed applicable to the offer, by any legislative body, court, government or
governmental, administrative or regulatory authority or agency of competent jurisdiction, domestic or foreign;
|
|
• |
any action or proceeding instituted or pending by any governmental entity or third party before a court or other authority of competent jurisdiction, domestic or foreign;
|
|
• |
any change that has or will have occurred (or any development that has or will have occurred involving prospective changes) in the business, assets, liabilities, conditions (financial or otherwise), prospects or results of operations of
Optibase that has, or could reasonably be expected to have, in our reasonable discretion;
|
|
• |
any general suspension of trading in securities on Nasdaq or the TASE;
|
|
• |
a declaration of a banking moratorium or any suspension of payments in respect of banks in the United States or Israel (whether or not mandatory) or a material limitation (whether or not mandatory) by any governmental entity on the
extension of credit by banks or other lending institutions, that could have a material adverse effect on us, Optibase or the trading of the Optibase Shares;
|
|
• |
in the case of any of the foregoing existing at the time of the commencement of the offer, a material escalation or the worsening thereof;
|
|
• |
any change in the general political, market, economic or financial conditions in the United States, Israel or abroad that could, have a material adverse effect on us, on Optibase or the trading of the Optibase Shares; or
|
|
• |
a tender offer or exchange offer for any or all of Optibase Shares, or any merger, acquisition, business combination or other similar transaction with or involving Optibase or any of its subsidiaries, shall have been proposed, announced or
made by any other person or has been publicly disclosed.
|
20. |
21. |
Information Agent Fees and Expenses
|
$
|
35,000
|
||
U.S. and Israeli Depositaries' Fees and Expenses
|
$
|
75,000
|
||
Filing Fees
|
$
|
1,200
|
||
Legal Fees
|
$
|
160,000
|
||
Financial Advisor Fee
|
$
|
35,500
|
||
Printing and Mailing Costs
|
$
|
7,000
|
||
Miscellaneous
|
$
|
11,300
|
||
Total
|
$
|
325,000
|
||
22. |
Expert Opinion in the matter of:
|
The Capri Family Foundation
Fair offer price to the unaffiliated holders of Opibase Ltd.
|
1. |
We (MSN Consulting Ltd.) have been asked by The Capri Family Foundation (the “Client”) to provide an opinion on the fairness, from a financial point of view, to the unaffiliated holders of the outstanding ordinary shares (the “Shares”
or “OBAS Shares”) of Optibase Ltd. (the “Company”) of the Offer Price to be received by such holders in the Tender Offer (as those terms are defined below)(the “Fairness Opinion”). The Tender Offer is for all of the Shares not held by the
Client or members of its bidder group (the “Tender Offer”), pursuant to which the Client will pay, in cash, $11.2 per Share (the “Offer Price”).
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2. |
We were asked to present our opinion solely regarding financial aspects of the Tender Offer. Our economic assessment intends to reflect in a fair and reasonable manner a given situation, based on known data and in respect to the basic
assumptions and estimated forecasts.
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3. |
The date of initial contact between the Client and ourselves was June 30, 2021.
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4. |
In connection with the Fairness Opinion we conducted an evaluation of the Company (the “Evaluation”).
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5. |
The Evaluation was presented to the Client on November 30, 2021 and relies on Optibase’s financial statements as of March 31, 2021.
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6. |
This document includes a specification of the methodology which was used in the Evaluation. However, the specification does not include the complete details of the procedures which we implemented in structuring the Evaluation.
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7. |
In the framework of the Evaluation, we tested the fair value of the Company using net asset value methodology and by adjusting the values of items on the Company's balance sheet to their fair values. Among other things, we based on
appraisals or used discounted cash flow methodology in relation to the value of the Company's assets and regarding the fair value of the Company’s loans.
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8. |
In conducting the Evaluation, we have relied on, among other things, the following sources:
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The Company’s financial statements
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Third party appraisals, furnished to us by Company, of its main assets (in Chemin des Aulx, Switzerland; Rumlang, Switzerland; and Miami, Florida)
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Conversations with the management of the Company
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Historical data regarding market prices
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Public reports on the Company from the ‘TASE’
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Public information and data including the general background of the Company along with its sectors of activity
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This Fairness Opinion is directed to the Client in connection with the Tender Offer and is not a recommendation to, and does not substitute independent judgment to be carried out by, any holder of Shares regarding the Tender Offer.
Without derogating from the above, this Fairness Opinion shall not be quoted or used for any other purpose without the prior written consent of MNS Consulting Ltd. (“MNS”), except that this Fairness Opinion may be reproduced in full in,
and reference to this Fairness Opinion, and to MNS and its relationship to the Client, may be included in, any tender offer materials or other materials relating to the Tender Offer that the Client files with the U.S. Securities and
Exchange Commission or otherwise as required by law.
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In composition of this Evaluation, we have relied on the sources listed above. We have relied on additional sources that, according to our personal long-term experience, we consider reliable. However, we have not independently
investigated such sources and information, and therefore do not express our opinion regarding the authenticity, completeness, and/or the accuracy of the aforementioned data. Furthermore, we have not reviewed the aforementioned additional
sources’ data and thus cannot speak to the authenticity, integrity, and/or accuracy of the data.
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An economic evaluation should reasonably reflect a given situation at a specific time, based on known data and forecasts. It should be noted that the Evaluation relies on forward-looking assumptions and, as such, has no certainty
regarding their realization. The information upon which we have relied may change or be affected by various factors which cannot be foreseen or controlled. The information on which we have relied on may differ substantially, in various
manners, in light of any additional material, information, and/or event that shall or may be obtained or in light of events that shall or may occur after the preparation of the Evaluation.
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This Fairness Opinion does not constitute a due diligence report and does not pretend in any form or manner to include any information, examinations, and conclusions provided by a due diligence report.
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It should be emphasized that this Fairness Opinion does not constitute as legal advice or a legal opinion, nor as advice regarding investments in the Company's securities. Additionally, this Fairness Opinion does not take into
consideration taxation aspects of the potential transactions.
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MNS, its shareholders, senior management, and officers hereby declare that they have no conflict of interest regarding the Fairness Opinion. They have no personal connections to the Company, its shareholders, its board of directors and
officers and any of the Company’s subsidiaries, nor have previously been employed by or hold any securities associated with any of the aforementioned.
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The remunerations received for the Fairness Opinion have been pre-determined between the Client and MNS and are not dependent on the results and/or recommendations provided in the Fairness Opinion.
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MNS shall bear no liability for any damages or financial loss that may occur to any person or company due to any flaw in the information on which we have relied, or arising from any failure to furnish us with other information that may
be relevant to our Evaluation. In addition, and without derogating from the generality of the above, our limitation of liability for damages of any kind, other than damage caused due to our action in gross negligence and/or malice, is
limited to up to three times the remunerations paid by the Client for this Fairness Opinion (the “Cap of Liability”). MNS shall not pay any compensation in excess of the Cap of Liability. The Client shall indemnify and/or reimburse MNS in
any event in which MNS shall be required to pay an amount in excess of the Cap of Liability. In addition, the Client is obligated to indemnify MNS for reasonable expenses that will be incurred or be required to be paid for legal
representation, legal advice, professional advice, defense against legal proceedings, negotiations, etc. The aforementioned indemnification obligation shall not apply if MNS acted, with respect to the services provided in the preparation
of this document, in malice or in gross negligence.
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(A) |
with respect to an individual – a person whose center of vital interests is in Israel; for this purpose the following provisions will apply:
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(1) |
in order to determine the center of vital interests of an individual, there shall be taken into account the whole of the individual’s family, economic and social connections, including, among others:
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(a) |
place of domicile;
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(b) |
place of residence of the individual and the individual’s immediate family;
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(c) |
place of the individual’s regular or permanent place of business or the place of his permanent employment;
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(d) |
place of the individual’s active and material economic interests;
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(e) |
place of the individual’s activities in organizations, associations and other institutions;
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(2) |
the center of vital interests of an individual will be presumed to be in Israel during a tax year:
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(a) |
if the individual was present in Israel for 183 days or more in the tax year;
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(b) |
if the individual was present in Israel for 30 days or more in the tax year, and the total period of the individual’s presence in Israel during the tax year and the two previous tax years is 425 days or more.
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(3) |
the presumption in subparagraph (2) may be rebutted either by the individual or by the assessing officer.
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(B) |
with respect to an entity – an entity that satisfies one of the following conditions:
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(1) |
it was incorporated in Israel;
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(2) |
the “control and management” of its business is exercised in Israel, except for a body of persons, the business of which is controlled and managed in Israel by an individual who became an Israel resident for the first time or is a
returning resident, as set forth in section 14(a) and ten years have not yet passed since he became an Israeli resident as aforesaid, or by any person on his behalf, provided that such body of persons would not be an Israel resident if the
control and management of its business were not by a said individual or by a person on his behalf, unless the body of persons requested otherwise.
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Name
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Current Principal Occupation or Employment and Five-Year Employment History
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Andreas Kothgasser
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Mr. Kothgasser has served on the board of trustees of Capri since June 2020. Mr. Kothgasser has served as the chief executive officer of AG Post und Mercatorium St. Moritz Dorf since December 2015. Mr.
Kothgasser’s business address is Via Maistra 17, 7500 St Moritz, Switzerland. He is a citizen of Austria.
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Rouven Schwarz
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Mr. Schwarz joined the board of directors of Optibase in July 2014 and joined the board of trustees of Capri in June 2020. Mr. Schwarz serves as an
independent contractor providing services to Optibase since November 2013. Since 2012, Mr. Schwarz serves as a real estate manager for a private company. From 2008 through 2012 Mr. Schwarz has served as a manager for Centris Capital AG.
From 2006 through 2008 Mr. Schwarz has served as a banker for Meinl Bank AG, Vienna. Mr. Schwarz holds a Magister (MA) degree from the University of Economic and Business Administration Vienna, Austria. The business address of Mr. Schwarz
is 8 Hamenofim Street Herzliya 4672559, Israel. He is a citizen of Austria.
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Shlomo (Tom) Wyler
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Mr. Wyler has served as the chief executive officer of Optibase, Inc. since January 2014. Prior to December
2013 Mr. Wyler had served as president of Optibase and a member its board of directors. The business address of Mr. Wyler is 8 Hamenofim Street Herzliya 4672559, Israel. Mr. Wyler is a citizen of Switzerland.
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Dominik Zurbrügg
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Mr. Zurbrügg has served on the board of trustees of Capri since June 2020. Mr. Zurbrügg has served as the Hotel Director of the Hotel Monopol, St. Moritz, Switzerland, since 2017. Prior to that, Mr. Zurbrügg
served as the Hotel Director of the Renaissance Hotel, Luzern, Switzerland. Mr. Zurbrügg’s business address is Via Maistra 17, 7500 St Moritz, Switzerland. Mr. Zurbrügg is a citizen of Switzerland.
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D.F. King & Co., Inc.
48 Wall Street, 22nd Floor
New York, NY 10005
For assistance call D.F. King at (800) 829-6554 or (212) 269-5550 (banks and brokers)
Email: optibase@dfking.com
The Israeli Depositary for the offer is:
Israel Brokerage & Investments - I.B.I. - Ltd.
9 Ahad Ha'am Street
Tel Aviv, 6525101, Israel
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THE OFFER AND WITHDRAWAL RIGHTS WILL EXPIRE AT 10:00 A.M., NEW YORK TIME, OR 5:00 P.M., ISRAEL
TIME, ON DECEMBER 30, 2021, UNLESS THE OFFER IS EXTENDED.
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☐ |
CHECK HERE IF TENDERED SHARES ARE BEING DELIVERED BY BOOK-ENTRY TRANSFER TO THE ACCOUNT MAINTAINED BY THE U.S. DEPOSITARY WITH DTC AND COMPLETE THE FOLLOWING (ONLY FINANCIAL INSTITUTIONS THAT ARE PARTICIPANTS IN DTC MAY DELIVER SHARES BY
BOOK-ENTRY TRANSFER):
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CHECK HERE IF TENDERED SHARES ARE BEING DELIVERED PURSUANT TO A NOTICE OF GUARANTEED DELIVERY PREVIOUSLY SENT TO THE U.S. DEPOSITARY AND COMPLETE THE FOLLOWING
(PLEASE ENCLOSE A PHOTOCOPY OF SUCH NOTICE OF GUARANTEED DELIVERY):
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CHECK HERE IF A RESIDENCY CERTIFICATE IS BEING DELIVERED TOGETHER WITH THIS LETTER OF TRANSMITTAL.
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CHECK HERE IF A RESIDENCY CERTIFICATE IS NOT BEING DELIVERED TOGETHER WITH THIS LETTER OF TRANSMITTAL AND YOU ELECT TO SUBMIT A RESIDENCY CERTIFICATE
DURING THE ADDITIONAL PERIOD.
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CHECK HERE IF YOU ARE AN INDIVIDUAL NON-ISRAELI RESIDENT SHAREHOLDER AND A COPY OF THE PHOTO PAGE OF YOUR
PASSPORT IS BEING DELIVERED TOGETHER WITH THIS LETTER OF TRANSMITTAL.
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CHECK HERE IF YOU DO NOT HAVE A “PERSONAL INTEREST” IN THE ACCEPTANCE OF THE OFFER.
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CHECK HERE IF YOU HAVE A “PERSONAL INTEREST” IN THE ACCEPTANCE OF THE OFFER.
If you marked this box, please describe the basis for your “personal interest”. ___________________________________________________________
__________________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________________
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IF ANY SHARE CERTIFICATES REPRESENTING SHARES THAT YOU OWN HAVE BEEN LOST,
STOLEN OR DESTROYED, SEE INSTRUCTION 2.
SHAREHOLDERS: SIGN HERE
(Please complete an IRS Form W-9, the appropriate IRS Form W-8, and/or a Declaration Form (Declaration of
Status for Israeli Income Tax Purposes) and provide the accompanying documents, as applicable. See
“IMPORTANT TAX INFORMATION”.)
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Signature(s) of Holder(s)
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Dated: . . . . . . . . . . . . . ., 2021.
(Must be signed by registered holder(s) exactly as name(s) appear(s) on share certificates or on a security position listing by person(s) authorized to become registered holder(s) by certificates and
documents transmitted herewith. If signature is by a trustee, executor, administrator, guardian, attorney-in-fact, officer of a corporation or other person acting in a fiduciary or representative capacity, please provide the following
information and see Instruction 5.)
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Name(s):
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Please Print
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Capacity (full title):
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Address:
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Include Zip Code
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Daytime Area Code and Telephone No:
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Taxpayer Identification or
Social Security No.: |
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(See IRS Form W-9 below)
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GUARANTEE OF SIGNATURE(S)
(See Instructions 1 and 5)
FOR USE BY FINANCIAL INSTITUTIONS ONLY.
Financial Institutions: Place Medallion Guarantee in Space Below
FOR USE BY U.S. DEPOSITARY/ PURCHASER ONLY.
By power-of-attorney from Purchaser, the U.S. Depositary
hereby sets its corporate seal to indicate acceptance of the tendered
Shares by the Purchaser: ______________________
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Form W-9 (Rev. October 2018) Department of the Treasury Internal Revenue Service |
Request for Taxpayer
► Go to www.irs.gov/FormW9 for instructions and the latest information. |
Give Form to the requester. Do not send to the IRS.
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1 | Name (as shown on your income tax return). Name is required on this line; do not leave this line blank. | |||||||
2 | Business name/disregarded entity name, if different from above | ||||||||
3 | Check appropriate box for federal tax classification of the person whose name is entered on line 1. Check only one of the following seven boxes. |
4 Exemptions (codes apply only to certain entities, not individuals; see instructions on page 3):
Exempt payee code (if any)_________
Exemption from FATCA reporting
(Applies to accounts maintained outside the U.S.) |
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☐ Individual/sole proprietor or ☐ C Corporation ☐ S Corporation ☐ Partnership ☐ Trust/estate | |||||||||
single-member LLC | |||||||||
☐ Limited liability company. Enter the tax classification (C=C corporation, S=S corporation, P=Partnership) ► _________ | |||||||||
Note: Check the appropriate box in the line above for the tax classification of the single-member owner. Do not check LLC if the LLC is classified as a single-member LLC that is disregarded from the owner unless the owner of the LLC is another LLC that is not disregarded from the owner for U.S. federal tax purposes. Otherwise, a single-member LLC that is disregarded from the owner should check the appropriate box for the tax classification of its owner. | |||||||||
☐ Other (see instructions) ► | |||||||||
5 | Address (number, street, and apt. or suite no.) See instructions. | Requester’s name and address (optional) | |||||||
6 | City, state, and ZIP code | ||||||||
7 | List account number(s) here (optional) | ||||||||
Part I | Taxpayer Identification Number (TIN) |
Enter your TIN in the appropriate box. The TIN provided must match the name given on line 1 to avoid backup withholding. For individuals, this is generally your social security number (SSN). However, for a resident alien, sole proprietor, or disregarded entity, see the instructions for Part I, later. For other entities, it is your employer identification number (EIN). If you do not have a number, see How to get a TIN, later.
Note: If the account is in more than one name, see the instructions for line 1. Also see What Name and Number To Give the Requester for guidelines on whose number to enter.
Social security number | ||||||||||
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or
Employer identification number | ||||||||||
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Part II | Certification |
Under penalties of perjury, I certify that:
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1. | The number shown on this form is my correct taxpayer identification number (or I am waiting for a number to be issued to me); and |
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2. | I am not subject to backup withholding because: (a) I am exempt from backup withholding, or (b) I have not been notified by the Internal Revenue Service (IRS) that I am subject to backup withholding as a result of a failure to report all interest or dividends, or (c) the IRS has notified me that I am no longer subject to backup withholding; and |
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3. | I am a U.S. citizen or other U.S. person (defined below); and |
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4. | The FATCA code(s) entered on this form (if any) indicating that I am exempt from FATCA reporting is correct. |
Certification instructions. You must cross out item 2 above if you have been notified by the IRS that you are currently subject to backup withholding because you have failed to report all interest and dividends on your tax return. For real estate transactions, item 2 does not apply. For mortgage interest paid, acquisition or abandonment of secured property, cancellation of debt, contributions to an individual retirement arrangement (IRA), and generally, payments other than interest and dividends, you are not required to sign the certification, but you must provide your correct TIN. See the instructions for Part II, later.
Sign
Here |
Signature of
U.S. person ► |
Date ► |
General Instructions
Section references are to the Internal Revenue Code unless otherwise noted.
Future developments. For the latest information about developments related to Form W-9 and its instructions, such as legislation enacted after they were published, go to www.irs.gov/FormW9.
Purpose of Form
An individual or entity (Form W-9 requester) who is required to file an information return with the IRS must obtain your correct taxpayer identification number (TIN) which may be your social security number (SSN), individual taxpayer identification number (ITIN), adoption taxpayer identification number (ATIN), or employer identification number (EIN), to report on an information return the amount paid to you, or other amount reportable on an information return. Examples of information returns include, but are not limited to, the following.
• Form 1099-INT (interest earned or paid)
• Form 1099-DIV (dividends, including those from stocks or mutual funds)
• Form 1099-MISC (various types of income, prizes, awards, or gross proceeds)
• Form 1099-B (stock or mutual fund sales and certain other transactions by brokers)
• Form 1099-S (proceeds from real estate transactions)
• Form 1099-K (merchant card and third party network transactions)
• Form 1098 (home mortgage interest), 1098-E (student loan interest), 1098-T (tuition)
• Form 1099-C (canceled debt)
• Form 1099-A (acquisition or abandonment of secured property)
Use Form W-9 only if you are a U.S. person (including a resident alien), to provide your correct TIN.
If you do not return Form W-9 to the requester with a TIN, you might be subject to backup withholding. See What is backup withholding, later.
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Cat. No. 10231X |
Form W-9 (Rev. 10-2018) |
8
Form W-9 (Rev. 10-2018) | Page 2 |
By signing the filled-out form, you:
1. Certify that the TIN you are giving is correct (or you are waiting for a number to be issued),
2. Certify that you are not subject to backup withholding, or
3. Claim exemption from backup withholding if you are a U.S. exempt payee. If applicable, you are also certifying that as a U.S. person, your allocable share of any partnership income from a U.S. trade or business is not subject to the withholding tax on foreign partners’ share of effectively connected income, and
4. Certify that FATCA code(s) entered on this form (if any) indicating that you are exempt from the FATCA reporting, is correct. See What is FATCA reporting, later, for further information.
Note: If you are a U.S. person and a requester gives you a form other than Form W-9 to request your TIN, you must use the requester’s form if it is substantially similar to this Form W-9.
Definition of a U.S. person. For federal tax purposes, you are considered a U.S. person if you are:
• An individual who is a U.S. citizen or U.S. resident alien;
• A partnership, corporation, company, or association created or organized in the United States or under the laws of the United States;
• An estate (other than a foreign estate); or
• A domestic trust (as defined in Regulations section 301.7701-7).
Special rules for partnerships. Partnerships that conduct a trade or business in the United States are generally required to pay a withholding tax under section 1446 on any foreign partners’ share of effectively connected taxable income from such business. Further, in certain cases where a Form W-9 has not been received, the rules under section 1446 require a partnership to presume that a partner is a foreign person, and pay the section 1446 withholding tax. Therefore, if you are a U.S. person that is a partner in a partnership conducting a trade or business in the United States, provide Form W-9 to the partnership to establish your U.S. status and avoid section 1446 withholding on your share of partnership income.
In the cases below, the following person must give Form W-9 to the partnership for purposes of establishing its U.S. status and avoiding withholding on its allocable share of net income from the partnership conducting a trade or business in the United States.
• In the case of a disregarded entity with a U.S. owner, the U.S. owner of the disregarded entity and not the entity;
• In the case of a grantor trust with a U.S. grantor or other U.S. owner, generally, the U.S. grantor or other U.S. owner of the grantor trust and not the trust; and
• In the case of a U.S. trust (other than a grantor trust), the U.S. trust (other than a grantor trust) and not the beneficiaries of the trust.
Foreign person. If you are a foreign person or the U.S. branch of a foreign bank that has elected to be treated as a U.S. person, do not use Form W-9. Instead, use the appropriate Form W-8 or Form 8233 (see Pub. 515, Withholding of Tax on Nonresident Aliens and Foreign Entities).
Nonresident alien who becomes a resident alien. Generally, only a nonresident alien individual may use the terms of a tax treaty to reduce or eliminate U.S. tax on certain types of income. However, most tax treaties contain a provision known as a “saving clause.” Exceptions specified in the saving clause may permit an exemption from tax to continue for certain types of income even after the payee has otherwise become a U.S. resident alien for tax purposes.
If you are a U.S. resident alien who is relying on an exception contained in the saving clause of a tax treaty to claim an exemption from U.S. tax on certain types of income, you must attach a statement to Form W-9 that specifies the following five items.
1. The treaty country. Generally, this must be the same treaty under which you claimed exemption from tax as a nonresident alien.
2. The treaty article addressing the income.
3. The article number (or location) in the tax treaty that contains the saving clause and its exceptions.
4. The type and amount of income that qualifies for the exemption from tax.
5. Sufficient facts to justify the exemption from tax under the terms of the treaty article.
Example. Article 20 of the U.S.-China income tax treaty allows an exemption from tax for scholarship income received by a Chinese student temporarily present in the United States. Under U.S. law, this student will become a resident alien for tax purposes if his or her stay in the United States exceeds 5 calendar years. However, paragraph 2 of the first Protocol to the U.S.-China treaty (dated April 30, 1984) allows the provisions of Article 20 to continue to apply even after the Chinese student becomes a resident alien of the United States. A Chinese student who qualifies for this exception (under paragraph 2 of the first protocol) and is relying on this exception to claim an exemption from tax on his or her scholarship or fellowship income would attach to Form W-9 a statement that includes the information described above to support that exemption.
If you are a nonresident alien or a foreign entity, give the requester the appropriate completed Form W-8 or Form 8233.
Backup Withholding
What is backup withholding? Persons making certain payments to you must under certain conditions withhold and pay to the IRS 24% of such payments. This is called “backup withholding.” Payments that may be subject to backup withholding include interest, tax-exempt interest, dividends, broker and barter exchange transactions, rents, royalties, nonemployee pay, payments made in settlement of payment card and third party network transactions, and certain payments from fishing boat operators. Real estate transactions are not subject to backup withholding.
You will not be subject to backup withholding on payments you receive if you give the requester your correct TIN, make the proper certifications, and report all your taxable interest and dividends on your tax return.
Payments you receive will be subject to backup withholding if:
1. You do not furnish your TIN to the requester,
2. You do not certify your TIN when required (see the instructions for Part II for details),
3. The IRS tells the requester that you furnished an incorrect TIN,
4. The IRS tells you that you are subject to backup withholding because you did not report all your interest and dividends on your tax return (for reportable interest and dividends only), or
5. You do not certify to the requester that you are not subject to backup withholding under 4 above (for reportable interest and dividend accounts opened after 1983 only).
Certain payees and payments are exempt from backup withholding. See Exempt payee code, later, and the separate Instructions for the Requester of Form W-9 for more information.
Also see Special rules for partnerships, earlier.
What is FATCA Reporting?
The Foreign Account Tax Compliance Act (FATCA) requires a participating foreign financial institution to report all United States account holders that are specified United States persons. Certain payees are exempt from FATCA reporting. See Exemption from FATCA reporting code, later, and the Instructions for the Requester of Form W-9 for more information.
Updating Your Information
You must provide updated information to any person to whom you claimed to be an exempt payee if you are no longer an exempt payee and anticipate receiving reportable payments in the future from this person. For example, you may need to provide updated information if you are a C corporation that elects to be an S corporation, or if you no longer are tax exempt. In addition, you must furnish a new Form W-9 if the name or TIN changes for the account; for example, if the grantor of a grantor trust dies.
Penalties
Failure to furnish TIN. If you fail to furnish your correct TIN to a requester, you are subject to a penalty of $50 for each such failure unless your failure is due to reasonable cause and not to willful neglect.
Civil penalty for false information with respect to withholding. If you make a false statement with no reasonable basis that results in no backup withholding, you are subject to a $500 penalty.
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Form W-9 (Rev. 10-2018) | Page 3 |
Criminal penalty for falsifying information. Willfully falsifying certifications or affirmations may subject you to criminal penalties including fines and/or imprisonment.
Misuse of TINs. If the requester discloses or uses TINs in violation of federal law, the requester may be subject to civil and criminal penalties.
Specific Instructions
Line 1
You must enter one of the following on this line; do not leave this line blank. The name should match the name on your tax return.
If this Form W-9 is for a joint account (other than an account maintained by a foreign financial institution (FFI)), list first, and then circle, the name of the person or entity whose number you entered in Part I of Form W-9. If you are providing Form W-9 to an FFI to document a joint account, each holder of the account that is a U.S. person must provide a Form W-9.
a. Individual. Generally, enter the name shown on your tax return. If you have changed your last name without informing the Social Security Administration (SSA) of the name change, enter your first name, the last name as shown on your social security card, and your new last name.
Note: ITIN applicant: Enter your individual name as it was entered on your Form W-7 application, line 1 a. This should also be the same as the name you entered on the Form 1040/1040A/1040EZ you filed with your application.
b. Sole proprietor or single-member LLC. Enter your individual name as shown on your 1040/1040A/1040EZ on line 1. You may enter your business, trade, or “doing business as’’ (DBA) name on line 2.
c. Partnership, LLC that is not a single-member LLC, C corporation, or S corporation. Enter the entity’s name as shown on the entity’s tax return on line 1 and any business, trade, or DBA name on line 2.
d. Other entities. Enter your name as shown on required U.S. federal tax documents on line 1. This name should match the name shown on the charter or other legal document creating the entity. You may enter any business, trade, or DBA name on line 2.
e. Disregarded entity. For U.S. federal tax purposes, an entity that is disregarded as an entity separate from its owner is treated as a “disregarded entity.” See Regulations section 301.7701-2(c)(2)(iii). Enter the owner’s name on line 1. The name of the entity entered on line 1 should never be a disregarded entity. The name on line 1 should be the name shown on the income tax return on which the income should be reported. For example, if a foreign LLC that is treated as a disregarded entity for U.S. federal tax purposes has a single owner that is a U.S. person, the U.S. owner’s name is required to be provided on line 1. If the direct owner of the entity is also a disregarded entity, enter the first owner that is not disregarded for federal tax purposes. Enter the disregarded entity’s name on line 2, “Business name/disregarded entity name.’’ If the owner of the disregarded entity is a foreign person, the owner must complete an appropriate Form W-8 instead of a Form W-9. This is the case even if the foreign person has a U.S. TIN.
Line 2
If you have a business name, trade name, DBA name, or disregarded entity name, you may enter it on line 2.
Line 3
Check the appropriate box on line 3 for the U.S. federal tax classification of the person whose name is entered on line 1. Check only one box on line 3.
IF the entity/person on line 1 is a(n)... | THEN check the box for... |
• Corporation | Corporation |
• Individual • Sole proprietorship, or • Single-member limited liability company (LLC) owned by an individual and disregarded for U.S. federal tax purposes. |
Individual/sole proprietor or single-member LLC |
• LLC treated as a partnership for U.S. federal tax purposes, • LLC that has filed Form 8832 or 2553 to be taxed as a corporation, or • LLC that is disregarded as an entity separate from its owner but the owner is another LLC that is not disregarded for U.S. federal tax purposes. |
Limited liability company and enter the appropriate tax classification. (P= Partnership; C= C corporation; or S= S corporation) |
• Partnership | Partnership |
• Trust/estate | Trust/estate |
Line 4, Exemptions
If you are exempt from backup withholding and/or FATCA reporting, enter in the appropriate space on line 4 any code(s) that may apply to you.
Exempt payee code.
• Generally, individuals (including sole proprietors) are not exempt from backup withholding.
• Except as provided below, corporations are exempt from backup withholding for certain payments, including interest and dividends.
• Corporations are not exempt from backup withholding for payments made in settlement of payment card or third party network transactions.
• Corporations are not exempt from backup withholding with respect to attorneys’ fees or gross proceeds paid to attorneys, and corporations that provide medical or health care services are not exempt with respect to payments reportable on Form 1099-MISC.
The following codes identify payees that are exempt from backup withholding. Enter the appropriate code in the space in line 4.
1—An organization exempt from tax under section 501(a), any IRA, or a custodial account under section 403(b)(7) if the account satisfies the requirements of section 401(f)(2)
2—The United States or any of its agencies or instrumentalities
3—A state, the District of Columbia, a U.S. commonwealth or possession, or any of their political subdivisions or instrumentalities
4—A foreign government or any of its political subdivisions, agencies, or instrumentalities
5—A corporation
6—A dealer in securities or commodities required to register in the United States, the District of Columbia, or a U.S. commonwealth or possession
7—A futures commission merchant registered with the Commodity Futures Trading Commission
8—A real estate investment trust
9—An entity registered at all times during the tax year under the Investment Company Act of 1940
10—A common trust fund operated by a bank under section 584(a)
11—A financial institution
12—A middleman known in the investment community as a nominee or custodian
13—A trust exempt from tax under section 664 or described in section 4947
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Form W-9 (Rev. 10-2018) | Page 4 |
The following chart shows types of payments that may be exempt from backup withholding. The chart applies to the exempt payees listed above, 1 through 13.
IF the payment is for ... | THEN the payment is exempt for... |
Interest and dividend payments | All exempt payees except for 7 |
Broker transactions | Exempt payees 1 through 4 and 6 through 11 and all C corporations. S corporations must not enter an exempt payee code because they are exempt only for sales of noncovered securities acquired prior to 2012. |
Barter exchange transactions and patronage dividends | Exempt payees 1 through 4 |
Payments over $600 required to be reported and direct sales over $5,0001 | Generally, exempt payees 1 through 52 |
Payments made in settlement of payment card or third party network transactions | Exempt payees 1 through 4 |
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1 | See Form 1099-MISC, Miscellaneous Income, and its instructions. |
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2 | However, the following payments made to a corporation and reportable on Form 1099-MISC are not exempt from backup withholding: medical and health care payments, attorneys’ fees, gross proceeds paid to an attorney reportable under section 6045(f), and payments for services paid by a federal executive agency. |
Exemption from FATCA reporting code. The following codes identify payees that are exempt from reporting under FATCA. These codes apply to persons submitting this form for accounts maintained outside of the United States by certain foreign financial institutions. Therefore, if you are only submitting this form for an account you hold in the United States, you may leave this field blank. Consult with the person requesting this form if you are uncertain if the financial institution is subject to these requirements. A requester may indicate that a code is not required by providing you with a Form W-9 with “Not Applicable” (or any similar indication) written or printed on the line for a FATCA exemption code.
A—An organization exempt from tax under section 501(a) or any individual retirement plan as defined in section 7701 (a)(37)
B—The United States or any of its agencies or instrumentalities
C—A state, the District of Columbia, a U.S. commonwealth or possession, or any of their political subdivisions or instrumentalities
D—A corporation the stock of which is regularly traded on one or more established securities markets, as described in Regulations section 1.1472-1(c)(1)(i)
E—A corporation that is a member of the same expanded affiliated group as a corporation described in Regulations section 1.1472-1(c)(1)(i)
F—A dealer in securities, commodities, or derivative financial instruments (including notional principal contracts, futures, forwards, and options) that is registered as such under the laws of the United States or any state
G—A real estate investment trust
H—A regulated investment company as defined in section 851 or an entity registered at all times during the tax year under the Investment Company Act of 1940
I—A common trust fund as defined in section 584(a)
J—A bank as defined in section 581
K—A broker
L—A trust exempt from tax under section 664 or described in section 4947(a)(1)
M—A tax exempt trust under a section 403(b) plan or section 457(g) plan
Note: You may wish to consult with the financial institution requesting this form to determine whether the FATCA code and/or exempt payee code should be completed.
Line 5
Enter your address (number, street, and apartment or suite number). This is where the requester of this Form W-9 will mail your information returns. If this address differs from the one the requester already has on file, write NEW at the top. If a new address is provided, there is still a chance the old address will be used until the payor changes your address in their records.
Line 6
Enter your city, state, and ZIP code.
Part I. Taxpayer Identification Number (TIN)
Enter your TIN in the appropriate box. If you are a resident alien and you do not have and are not eligible to get an SSN, your TIN is your IRS individual taxpayer identification number (ITIN). Enter it in the social security number box. If you do not have an ITIN, see How to get a TIN below.
If you are a sole proprietor and you have an EIN, you may enter either your SSN or EIN.
If you are a single-member LLC that is disregarded as an entity separate from its owner, enter the owner’s SSN (or EIN, if the owner has one). Do not enter the disregarded entity’s EIN. If the LLC is classified as a corporation or partnership, enter the entity’s EIN.
Note: See What Name and Number To Give the Requester, later, for further clarification of name and TIN combinations.
How to get a TIN. If you do not have a TIN, apply for one immediately. To apply for an SSN, get Form SS-5, Application for a Social Security Card, from your local SSA office or get this form online at www.SSA.gov. You may also get this form by calling 1-800-772-1213. Use Form W-7, Application for IRS Individual Taxpayer Identification Number, to apply for an ITIN, or Form SS-4, Application for Employer Identification Number, to apply for an EIN. You can apply for an EIN online by accessing the IRS website at www.irs.gov/Businesses and clicking on Employer Identification Number (EIN) under Starting a Business. Go to www.irs.gov/Forms to view, download, or print Form W-7 and/or Form SS-4. Or, you can go to www.irs.gov/OrderForms to place an order and have Form W-7 and/or SS-4 mailed to you within 10 business days.
If you are asked to complete Form W-9 but do not have a TIN, apply for a TIN and write “Applied For” in the space for the TIN, sign and date the form, and give it to the requester. For interest and dividend payments, and certain payments made with respect to readily tradable instruments, generally you will have 60 days to get a TIN and give it to the requester before you are subject to backup withholding on payments. The 60-day rule does not apply to other types of payments. You will be subject to backup withholding on all such payments until you provide your TIN to the requester.
Note: Entering “Applied For” means that you have already applied for a TIN or that you intend to apply for one soon.
Caution: A disregarded U.S. entity that has a foreign owner must use the appropriate Form W-8.
Part II. Certification
To establish to the withholding agent that you are a U.S. person, or resident alien, sign Form W-9. You may be requested to sign by the withholding agent even if item 1, 4, or 5 below indicates otherwise.
For a joint account, only the person whose TIN is shown in Part I should sign (when required). In the case of a disregarded entity, the person identified on line 1 must sign. Exempt payees, see Exempt payee code, earlier.
Signature requirements. Complete the certification as indicated in items 1 through 5 below.
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Form W-9 (Rev. 10-2018) | Page 5 |
1. Interest, dividend, and barter exchange accounts opened before 1984 and broker accounts considered active during 1983. You must give your correct TIN, but you do not have to sign the certification.
2. Interest, dividend, broker, and barter exchange accounts opened after 1983 and broker accounts considered inactive during 1983. You must sign the certification or backup withholding will apply. If you are subject to backup withholding and you are merely providing your correct TIN to the requester, you must cross out item 2 in the certification before signing the form.
3. Real estate transactions. You must sign the certification. You may cross out item 2 of the certification.
4. Other payments. You must give your correct TIN, but you do not have to sign the certification unless you have been notified that you have previously given an incorrect TIN. “Other payments” include payments made in the course of the requester’s trade or business for rents, royalties, goods (other than bills for merchandise), medical and health care services (including payments to corporations), payments to a nonemployee for services, payments made in settlement of payment card and third party network transactions, payments to certain fishing boat crew members and fishermen, and gross proceeds paid to attorneys (including payments to corporations).
5. Mortgage interest paid by you, acquisition or abandonment of secured property, cancellation of debt, qualified tuition program payments (under section 529), ABLE accounts (under section 529A), IRA, Coverdell ESA, Archer MSA or HSA contributions or distributions, and pension distributions. You must give your correct TIN, but you do not have to sign the certification.
What Name and Number To Give the Requester
For this type of account: | Give name and EIN of: |
14. Account with the Department of Agriculture in the name of a public entity (such as a state or local government, school district, or prison)that receives agricultural program payments | The Public entity |
15. Grantor trust filing under the Form 1041 Filing Method or the Optional Form 1099 Filing Method 2 (see Regulations section 1.671-4(b)(2)(i)(B)) | The trust |
1 List first and circle the name of the person whose number you furnish. If only one person on a joint account has an SSN, that person’s number must be furnished.
2 Circle the minor’s name and furnish the minor’s SSN.
3 You must show your individual name and you may also enter your business or DBA name on the “Business name/disregarded entity” name line. You may use either your SSN or EIN (if you have one), but the IRS encourages you to use your SSN.
4 List first and circle the name of the trust, estate, or pension trust. (Do not furnish the TIN of the personal representative or trustee unless the legal entity itself is not designated in the account title.) Also see Special rules for partnerships, earlier.
*Note: The grantor also must provide a Form W-9 to trustee of trust.
Note: If no name is circled when more than one name is listed, the number will be considered to be that of the first name listed.
Secure Your Tax Records From Identity Theft
Identity theft occurs when someone uses your personal information such as your name, SSN, or other identifying information, without your permission, to commit fraud or other crimes. An identity thief may use your SSN to get a job or may file a tax return using your SSN to receive a refund.
To reduce your risk:
• Protect your SSN,
• Ensure your employer is protecting your SSN, and
• Be careful when choosing a tax preparer.
If your tax records are affected by identity theft and you receive a notice from the IRS, respond right away to the name and phone number printed on the IRS notice or letter.
If your tax records are not currently affected by identity theft but you think you are at risk due to a lost or stolen purse or wallet, questionable credit card activity or credit report, contact the IRS Identity Theft Hotline at 1-800-908-4490 or submit Form 14039.
For more information, see Pub. 5027, Identity Theft Information for Taxpayers.
Victims of identity theft who are experiencing economic harm or a systemic problem, or are seeking help in resolving tax problems that have not been resolved through normal channels, may be eligible for Taxpayer Advocate Service (TAS) assistance. You can reach TAS by calling the TAS toll-free case intake line at 1-877-777-4778 or TTY/TDD 1-800-829-4059.
Protect yourself from suspicious emails or phishing schemes. Phishing is the creation and use of email and websites designed to mimic legitimate business emails and websites. The most common act is sending an email to a user falsely claiming to be an established legitimate enterprise in an attempt to scam the user into surrendering private information that will be used for identity theft.
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Form W-9 (Rev. 10-2018) | Page 6 |
The IRS does not initiate contacts with taxpayers via emails. Also, the IRS does not request personal detailed information through email or ask taxpayers for the PIN numbers, passwords, or similar secret access information for their credit card, bank, or other financial accounts.
If you receive an unsolicited email claiming to be from the IRS, forward this message to phishing@irs.gov. You may also report misuse of the IRS name, logo, or other IRS property to the Treasury Inspector General for Tax Administration (TIGTA) at 1 -800-366-4484. You can forward suspicious emails to the Federal Trade Commission at spam@uce.gov or report them at www.ftc.gov/complaint. You can contact the FTC at www.ftc.gov/idtheft or 877-IDTHEFT (877-438-4338). If you have been the victim of identity theft, see www.ldentityTheft.gov and Pub. 5027.
Visit www.irs.gov/ldentityTheft to learn more about identity theft and how to reduce your risk.
Privacy Act Notice
Section 6109 of the Internal Revenue Code requires you to provide your correct TIN to persons (including federal agencies) who are required to file information returns with the IRS to report interest, dividends, or certain other income paid to you; mortgage interest you paid; the acquisition or abandonment of secured property; the cancellation of debt; or contributions you made to an IRA, Archer MSA, or HSA. The person collecting this form uses the information on the form to file information returns with the IRS, reporting the above information. Routine uses of this information include giving it to the Department of Justice for civil and criminal litigation and to cities, states, the District of Columbia, and U.S. commonwealths and possessions for use in administering their laws. The information also may be disclosed to other countries under a treaty, to federal and state agencies to enforce civil and criminal laws, or to federal law enforcement and intelligence agencies to combat terrorism. You must provide your TIN whether or not you are required to file a tax return. Under section 3406, payers must generally withhold a percentage of taxable interest, dividend, and certain other payments to a payee who does not give a TIN to the payer. Certain penalties may also apply for providing false or fraudulent information.
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• |
Non-Israeli Residents: If (A) (i) you are NOT and at the date of purchase of your Shares were not a “resident of Israel” (as defined under Section 1 of the Israeli Income Tax Ordinance [New Version], 5721-1961 (the “Ordinance”) (See Instruction II)) for purposes of the Ordinance, or (ii) you are a corporation that is NOT and at the date of purchase of your Shares was not a “resident of Israel”, and Israeli residents
are NOT “controlling shareholders” (as defined under Section 68A of the Ordinance (See Instruction III)) of you, nor are Israeli residents the beneficiaries of, or are entitled to, 25.0% or more of your revenues or profits, whether directly
or indirectly, and you acquired your Shares after Optibase’s initial public offering in the United States on Nasdaq in 1999 and (B) you are the beneficial owner (directly or indirectly) of less than 5% of the outstanding Shares; then
you may be eligible for a full exemption from Israeli withholding tax with respect to the gross proceeds payable to you (if any) pursuant to the Offer. By completing this form in a manner that would substantiate your eligibility for such
exemption, you will allow the Purchaser, the U.S. Depositary, your broker or any other withholding agent, or their authorized representatives to exempt you from such Israeli withholding tax; or
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• |
A Bank, Broker or Financial Institution Resident in Israel: If you are a bank, broker or financial institution resident in Israel that (1) is holding the Shares solely on behalf of beneficial shareholder(s) (so-called “street
name” holders), and (2) is subject to the provisions of the Ordinance and regulations promulgated thereunder relating to the withholding of Israeli tax, including with respect to the cash payment (if any) made by you to your beneficial
shareholder(s) with respect to Shares tendered by them and accepted for payment by the Purchaser pursuant to the Offer (an “Eligible Israeli Broker”), you may be eligible for a full exemption from
Israeli withholding tax with respect to the cash payment transmitted to you. By completing this form in a manner that would substantiate your eligibility for such exemption, you will allow the Purchaser, the U.S. Depositary, your broker or
withholding agent, or their authorized representatives, to exempt you from such Israeli withholding tax. Consequently, even though the U.S. Depositary will not deduct any Israeli withholding tax from you, pursuant to the provisions of the
Ordinance and regulations promulgated thereunder, to which you are subject, you may be required to withhold Israeli tax, as applicable, from the cash payment (if any) made by you to your beneficial shareholder(s). NOTE: AN ELIGIBLE ISRAELI BROKER MAY COMPLETE THIS FORM IF IT IS HOLDING THE SHARES SOLELY ON BEHALF OF HIS CLIENTS, THE BENEFICIAL SHAREHOLDERS.
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PART I
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Identification and details of Shareholder (including Eligible Israeli Brokers) (see instructions)
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9. I am entitled to receive an aggregate Offer Price that is in
excess of US$100,000 (mark X in the appropriate place):
☐ Yes
☐ No
If you marked “Yes” to question 9 above, do you elect to submit your Residency Certificate during the
Additional Period (mark X in the appropriate place):
☐ Yes
☐ No
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PART II
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Declaration by Non-Israeli Residents (see instructions)
Eligible
Israeli Brokers should not complete this Part II
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A. To be completed only by Individuals. I hereby declare that: (if the statement is correct, mark X
in the following box)
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A.1 ☐ I am NOT and at the date of purchase of my Shares was not a “resident of Israel”, which means, among other things, that:
• The
State of Israel is not my permanent place of residence,
• The State of
Israel is neither my place of residence nor that of my family,
• My ordinary or permanent place of activity is NOT in the State of Israel and I do NOT have a permanent establishment in the State of Israel,
• I do NOT
engage in an occupation in the State of Israel,
• I do NOT own
a business or part of a business in the State of Israel,
• I am NOT
insured by the Israeli National Insurance Institution,
• I was NOT
present (nor am I planning to be present) in Israel for 183 days or more during this tax year,
• I was NOT present (nor am I planning to be present) in Israel for 30 days or more during this tax year, and the
total period of my presence in Israel during this tax year and the two previous tax years is less than 425 days in total.
A.2 ☐ I acquired the Shares on or after the initial public offering of Optibase Ltd. on NASDAQ Stock Market in 1999.
A.3 ☐ I am the beneficial owner (directly or indirectly) of less than 5% of the outstanding Shares.
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B. To be completed by Corporations (except Partnerships and Trusts). I hereby declare that: (if
correct, mark X in the following box)
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B.1 ☐ The corporation is NOT and at the date of purchase of my Shares was not a “resident of Israel”, which means,
among other things, that:
• The
corporation is NOT registered with the Registrar of Companies in Israel,
• The
corporation is NOT registered with the Registrar of "Amutot" (non-profit organizations) in Israel,
• The control
of the corporation is NOT located in Israel,
• The
management of the corporation is NOT located in Israel,
• The corporation does NOT have a permanent establishment in Israel, and
• No Israeli resident holds, directly or indirectly via shares or through a trust or in any other manner or with
another who is an Israeli resident, 25.0% or more of any “means of control” in the corporation as specified below:
o The right to participate in profits;
o The right to appoint a director;
o The right to vote;
o The right to share in the assets of the corporation at the time of its liquidation; and
o The right to direct the manner of exercising one of the rights specified above;
B.2 ☐ The corporation acquired the Shares on or after the initial public offering of Optibase Ltd. on NASDAQ Stock
Market in 1999.
B.3 ☐ The corporation is the beneficial owner (directly or indirectly) of less than 5% of the outstanding Shares.
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C. To be completed by Partnerships. I hereby declare that: (if correct, mark X in the following box)
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C.1 ☐ The partnership is NOT and at the date of purchase of my Shares was not an Israeli resident which means, among other things, that:
• The
partnership is NOT registered with the Registrar of Partnerships in Israel,
• The control
of the partnership is NOT located in Israel,
• The
management of the partnership is NOT located in Israel,
• The partnership does NOT have a permanent establishment in Israel,
• NO Israeli resident holds, directly or indirectly via shares or through a trust or in any other manner or with another who is an Israeli
resident, 25.0% or more of any right in the partnership or, of the right to direct the manner of exercising any of the rights in the partnership, and
• NO partner
in the partnership is an Israeli resident;
C.2 ☐ The partnership acquired the Shares on or after the initial public offering of Optibase Ltd. on NASDAQ Stock Market in 1999.
C.3 ☐ The partnership is the beneficial owner (directly or indirectly) of less than 5% of the outstanding Shares.
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D. To be completed by Trusts. I hereby declare that: (if correct, mark X in the following box)
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D.1 ☐ The trust is NOT and at the date of purchase of my Shares was not an Israeli resident, and:
• All settlors
of the trust are NOT Israeli residents,
• All
beneficiaries of the trust are NOT Israeli residents, and
D.2 ☐ The trust acquired the Shares on or after the initial public offering of Optibase Ltd. on NASDAQ Stock Market in 1999.
D.3 ☐ The trust is the beneficial owner (directly or indirectly) of less than 5% of the outstanding Shares.
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PART III
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Declaration by Israeli Bank, Broker or Financial Institution (see instructions)
Non-Israeli Residents should not complete this Part III
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I hereby declare that: (if correct, mark X in the following box)
☐ I am a bank, broker or
financial institution that is a “resident of Israel” within the meaning of that term in Section 1 of the Ordinance (See Instruction II), I am holding the Shares solely on behalf of beneficial shareholder(s) and I am subject to the
provisions of the Ordinance and the regulations promulgated thereunder relating to the withholding of Israeli tax, including with respect to the cash payment (if any) made by me to such beneficial shareholder(s) with respect to Shares
tendered by them and accepted for payment by the Purchaser pursuant to the Offer.
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PART IV
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Certification. By signing this form, I also declare that:
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• I
understood this form and completed it correctly and pursuant to the instructions.
• I provided
accurate, full and complete details in this form.
• I am aware
that providing false details constitutes criminal offense.
• I am aware that this form may be provided to the Israeli Tax Authority, in case the Israeli Tax Authority so requests, for purposes of audit or otherwise.
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SIGN HERE |
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Signature of Shareholder |
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Date |
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Capacity in which acting |
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(or individual authorized to sign on your behalf) |
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(B) |
with respect to a body of persons - a body of persons which meets one of the following:
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D.F. King & Co., Inc.
48 Wall Street, 22nd Floor
New York, NY 10005
For assistance call D.F. King at (800) 829-6554 (toll free) or (212) 269 - 5550 (banks and brokers)
Email: optibase@dfking.com
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THE OFFER AND WITHDRAWAL RIGHTS WILL EXPIRE AT 10:00 A.M., NEW YORK TIME, OR 5:00 P.M., ISRAEL
TIME, ON DECEMBER 30, 2021, UNLESS THE OFFER IS EXTENDED.
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By Mail:
American Stock Transfer & Trust Company, LLC
Attention: Corporate Actions Department
6201 15th Avenue
Brooklyn, NY 11219
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By Overnight Courier:
American Stock Transfer & Trust Company, LLC
Attention: Corporate Actions Department
6201 15th Avenue
Brooklyn, NY 11219
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Number of Shares and Certificate No(s)
(if available)
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☐ Check here if Shares will be tendered by book-entry transfer.
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Name of Tendering Institution:
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DTC Account Number:
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Dated:
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Name(s) of Record Holder(s):
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(Please type or print)
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Address(es):
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(Zip Code)
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Area Code and Tel. No.
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(Daytime telephone number)
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Signature(s):
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Name of Firm:
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Address:
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(Zip Code)
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Area Code and Telephone No.:
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(Authorized Signature)
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Name:
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(Please type or print)
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Title:
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Date:
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NOTE:
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DO NOT SEND CERTIFICATES REPRESENTING TENDERED SHARES WITH THIS NOTICE. CERTIFICATES REPRESENTING TENDERED SHARES SHOULD BE SENT WITH YOUR LETTER OF TRANSMITTAL.
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Very truly yours,
D.F.King & Co., Inc.
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Number of Ordinary Shares
To Be Tendered:
____________________ Ordinary
Shares1
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SIGN HERE
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Signature(s)
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Please type or print names(s)
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Please type or print address | ||
Area Code and Telephone Number
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Taxpayer Identification or Social Security Number
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• |
Non-Israeli Residents: If (A) (i) you are NOT and at the date of purchase of your Shares were not a “resident of Israel” (as defined under Section 1 of the Israeli Income Tax Ordinance [New Version], 5721-1961 (the “Ordinance”) (See Instruction II)) for purposes of the Ordinance, or (ii) you are a corporation that is NOT and at the date of purchase of your Shares was not a “resident of Israel”, and Israeli residents
are NOT “controlling shareholders” (as defined under Section 68A of the Ordinance (See Instruction III)) of you, nor are Israeli residents the beneficiaries of, or are entitled to, 25.0% or more of your revenues or profits, whether directly
or indirectly, and you acquired your Shares after Optibase’s initial public offering in the United States on Nasdaq in 1999 and (B) you are the beneficial owner (directly or indirectly) of less than 5% of the outstanding Shares; then
you may be eligible for a full exemption from Israeli withholding tax with respect to the gross proceeds payable to you (if any) pursuant to the Offer. By completing this form in a manner that would substantiate your eligibility for such
exemption, you will allow the Purchaser, the U.S. Depositary, your broker or any other withholding agent, or their authorized representatives to exempt you from such Israeli withholding tax; or
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• |
A Bank, Broker or Financial Institution Resident in Israel: If you are a bank, broker or financial institution resident in Israel that (1) is holding the Shares solely on behalf of beneficial shareholder(s) (so-called “street
name” holders), and (2) is subject to the provisions of the Ordinance and regulations promulgated thereunder relating to the withholding of Israeli tax, including with respect to the cash payment (if any) made by you to your beneficial
shareholder(s) with respect to Shares tendered by them and accepted for payment by the Purchaser pursuant to the Offer (an “Eligible Israeli Broker”), you may be eligible for a full exemption from
Israeli withholding tax with respect to the cash payment transmitted to you. By completing this form in a manner that would substantiate your eligibility for such exemption, you will allow the Purchaser, the U.S. Depositary, your broker or
withholding agent, or their authorized representatives, to exempt you from such Israeli withholding tax. Consequently, even though the U.S. Depositary will not deduct any Israeli withholding tax from you, pursuant to the provisions of the
Ordinance and regulations promulgated thereunder, to which you are subject, you may be required to withhold Israeli tax, as applicable, from the cash payment (if any) made by you to your beneficial shareholder(s). NOTE: AN ELIGIBLE ISRAELI BROKER MAY COMPLETE THIS FORM IF IT IS HOLDING THE SHARES SOLELY ON BEHALF OF HIS CLIENTS, THE BENEFICIAL SHAREHOLDERS.
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PART I
|
Identification and details of Shareholder (including Eligible Israeli Brokers) (see instructions)
|
9. I am entitled to receive an aggregate Offer Price that is in
excess of US$100,000 (mark X in the appropriate place):
☐ Yes
☐ No
If you marked “Yes” to question 9 above, do you elect to submit your Residency Certificate during the
Additional Period (mark X in the appropriate place):
☐ Yes
☐ No
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PART II
|
Declaration by Non-Israeli Residents (see instructions)
Eligible
Israeli Brokers should not complete this Part II
|
A. To be completed only by Individuals. I hereby declare that: (if the statement is correct, mark X
in the following box)
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A.1 ☐ I am NOT and at the date of purchase of my Shares was not a “resident of Israel”, which means, among other things, that:
• The
State of Israel is not my permanent place of residence,
• The State of
Israel is neither my place of residence nor that of my family,
• My ordinary or permanent place of activity is NOT in the State of Israel and I do NOT have a permanent establishment in the State of Israel,
• I do NOT
engage in an occupation in the State of Israel,
• I do NOT own
a business or part of a business in the State of Israel,
• I am NOT
insured by the Israeli National Insurance Institution,
• I was NOT
present (nor am I planning to be present) in Israel for 183 days or more during this tax year,
• I was NOT present (nor am I planning to be present) in Israel for 30 days or more during this tax year, and the
total period of my presence in Israel during this tax year and the two previous tax years is less than 425 days in total.
A.2 ☐ I acquired the Shares on or after the initial public offering of Optibase Ltd. on NASDAQ Stock Market in 1999.
A.3 ☐ I am the beneficial owner (directly or indirectly) of less than 5% of the outstanding Shares.
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B. To be completed by Corporations (except Partnerships and Trusts). I hereby declare that: (if
correct, mark X in the following box)
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B.1 ☐ The corporation is NOT and at the date of purchase of my Shares was not a “resident of Israel”, which means,
among other things, that:
• The
corporation is NOT registered with the Registrar of Companies in Israel,
• The
corporation is NOT registered with the Registrar of "Amutot" (non-profit organizations) in Israel,
• The control
of the corporation is NOT located in Israel,
• The
management of the corporation is NOT located in Israel,
• The corporation does NOT have a permanent establishment in Israel, and
• No Israeli resident holds, directly or indirectly via shares or through a trust or in any other manner or with
another who is an Israeli resident, 25.0% or more of any “means of control” in the corporation as specified below:
o The right to participate in profits;
o The right to appoint a director;
o The right to vote;
o The right to share in the assets of the corporation at the time of its liquidation; and
o The right to direct the manner of exercising one of the rights specified above;
B.2 ☐ The corporation acquired the Shares on or after the initial public offering of Optibase Ltd. on NASDAQ Stock
Market in 1999.
B.3 ☐ The corporation is the beneficial owner (directly or indirectly) of less than 5% of the outstanding Shares.
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C. To be completed by Partnerships. I hereby declare that: (if correct, mark X in the following box)
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C.1 ☐ The partnership is NOT and at the date of purchase of my Shares was not an Israeli resident which means, among other things, that:
• The
partnership is NOT registered with the Registrar of Partnerships in Israel,
• The control
of the partnership is NOT located in Israel,
• The
management of the partnership is NOT located in Israel,
• The partnership does NOT have a permanent establishment in Israel,
• NO Israeli resident holds, directly or indirectly via shares or through a trust or in any other manner or with another who is an Israeli
resident, 25.0% or more of any right in the partnership or, of the right to direct the manner of exercising any of the rights in the partnership, and
• NO partner
in the partnership is an Israeli resident;
C.2 ☐ The partnership acquired the Shares on or after the initial public offering of Optibase Ltd. on NASDAQ Stock Market in 1999.
C.3 ☐ The partnership is the beneficial owner (directly or indirectly) of less than 5% of the outstanding Shares.
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D. To be completed by Trusts. I hereby declare that: (if correct, mark X in the following box)
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D.1 ☐ The trust is NOT and at the date of purchase of my Shares was not an Israeli resident, and:
• All settlors
of the trust are NOT Israeli residents,
• All
beneficiaries of the trust are NOT Israeli residents, and
D.2 ☐ The trust acquired the Shares on or after the initial public offering of Optibase Ltd. on NASDAQ Stock Market in 1999.
D.3 ☐ The trust is the beneficial owner (directly or indirectly) of less than 5% of the outstanding Shares.
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PART III
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Declaration by Israeli Bank, Broker or Financial Institution (see instructions)
Non-Israeli Residents should not complete this Part III
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I hereby declare that: (if correct, mark X in the following box)
☐ I am a bank, broker or
financial institution that is a “resident of Israel” within the meaning of that term in Section 1 of the Ordinance (See Instruction II), I am holding the Shares solely on behalf of beneficial shareholder(s) and I am subject to the
provisions of the Ordinance and the regulations promulgated thereunder relating to the withholding of Israeli tax, including with respect to the cash payment (if any) made by me to such beneficial shareholder(s) with respect to Shares
tendered by them and accepted for payment by the Purchaser pursuant to the Offer.
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PART IV
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Certification. By signing this form, I also declare that:
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• I
understood this form and completed it correctly and pursuant to the instructions.
• I provided
accurate, full and complete details in this form.
• I am aware
that providing false details constitutes criminal offense.
• I am aware that this form may be provided to the Israeli Tax Authority, in case the Israeli Tax Authority so requests, for purposes of audit or otherwise.
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SIGN HERE |
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Signature of Shareholder |
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Date |
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Capacity in which acting |
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(or individual authorized to sign on your behalf) |
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(B) |
with respect to a body of persons - a body of persons which meets one of the following:
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To: |
Capri Family Foundation and Mr. Shlomo (Tom) Wyler (together: the "Offerors")
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☐ |
I do not have a personal interest in accepting the tender offer.
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☐ |
I have a personal interest in accepting the tender offer, for the following reasons:
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_______________________
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ID No. / Company number
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_______________________
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Full name
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_______________________
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Signature
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_______________________
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Date
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To: |
Capri Family Foundation and Mr. Shlomo (Tom) Wyler (together: the "Offerors")
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_______________________
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ID No. / Company number
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_______________________
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Full name
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_______________________
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Signature
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_______________________
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Date
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Exhibit (b)(1)
CREDIT SUISSE (Switzerland) Ltd.
Paradeplatz 8 8001 Zurich |
04 190219 008158
Application for a Framework Credit Limit
☐ Mr. ☐ Ms. ☒ Company ☐ Number
Last name, first name/company
The Capri Family Foundation
Street/no.
Venturi House No. 1, Calle 49, Bella Vista
(hereinafter referred to as the Borrower)
hereby requests from Credit Suisse (Switzerland) Ltd. (hereinafter referred to as the Bank) the provision of a framework credit limit against a pledge of assets held by the Borrower or by a third party (hereinafter referred to as the Third-Party Pledgor). The framework credit limit will not become effective until the application has been accepted by the Bank and the Borrower has been sent a credit confirmation. The Bank’s General Conditions incl. Safe Custody Regulations supplement this document.
1. Credit Limit
The credit limit can be used up to an amount equalling the collateral value of the collateral (however, see section on fixed advances under Usage). The amount that is available is calculated by the Bank in accordance with its valid lending guidelines and is constantly adjusted.
Para. 5 of the General Deed of Pledge regarding the provision of additional collateral and the sale of the pledged assets will apply notwithstanding.
2. Purpose of the Credit Limit
For consumers1 residing in a State of the European Economic Area (EEA), the following sentences of this paragraph 2 shall apply:
If the Borrower wishes to use the credit limit to acquire or maintain ownership of a property or an existing or planned building, the Borrower is required to notify the Bank without delay.
If the Borrower does not provide the Bank with such a notification, the Bank is entitled to assume that there is no real estate consumer loan agreement within the meaning of Directive 2014/17 / EU of the European Parliament and
1 | A consumer is any natural person who acts for a purpose that cannot be attributed to his professional or commercial activity. |
Postal code/town
PA-Panama Panama City
of the Council of 4 February 2014 on credit agreements for consumers relating to residential immovable property.
3. | Usage |
■ | As a current account overdraft on all present and future accounts in Swiss francs or freely convertible foreign currencies. Current account overdrafts may be terminated by either party at any time with immediate effect. |
■ | In the form of fixed advances. These are generally repayable at the expiration of their term. |
In the case of fixed advances with a term of more than 24 months, the collateral yalue is reduced by the gross interest costs to be incurred during the part of the term that exceeds one year for the individual fixed advance. This reduction will be applied at the start of the term of the fixed advance in question and will continue to apply throughout its entire term. Gross interest costs already paid will be taken into account in the reduction on an annual basis.
Any extension of a fixed advance must be requested by no later than 2 banking days before the fixed advance expires.
Fixed advances may be granted without complying with any requirements as to form; they will be confirmed in writing by the Bank, but without a signature.
If any fixed advances granted under this framework credit limit are terminated early, the Bank will credit or debit the Borrower with the interest gain or interest shortfall accrued thereon. This is calculated based on the difference between the contractual interest rate which applies at the time of termination and the interest rate that, in the Bank’s view, can be earned on an investment with the same residual term on the money or capital markets at the time of termination, multiplied by the outstanding loan amount and the residual term.
To be completed by the Bank |
Signature
of Borrower/Third-Party Pledgor checked: Zurich
Date, signature and stamp |
||
Client no. (CIF) | 4.10.18 | ||
105155 0835-2394803-5 |
Zrinka
Ugarkovc
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||
631 673 5.18
Page 1/4
04 190219 008159
Any surplus in favor of the Borrower is set off against the fee for the Bank’s expenses described below. In addition a flat fee of 0.1 % of the loan amount, but not less than CHF 1,000, is owed for the Bank’s expenses.
■ | For guarantees and letters of credit (letters of credit are not possible for numbered and pseudonym account clients). |
■ | To cover margin requirements on forex and precious metal transactions, options and futures. |
Unless the agreements or framework agreements concluded for such a product contain provisions to the contrary, the Bank is, in its sole discretion, authorized to set the amount of the margin to be covered without regard to the valuation of the corresponding product and also to adjust this amount during the term of a product. The Bank will inform the client of the applicable margin upon request.
■ | To cover outstanding credit card balances of the Borrower. |
The Borrower also requests that this agreement be applied to all existing loans in the forms referred to above.
The Bank reserves the right to exclude individual types of usage as mentioned above.
4. | Conditions |
CURRENT ACCOUNT OVERDRAFT
The applicable interest rate is the rate prevailing at the time the credit is granted. The Bank is entitled to adjust interest rates at any time, with immediate effect or with effect from a later date specified by the Bank, to reflect changes in conditions on the money and capital markets. No notification will be given of any interest rate changes. The applicable interest rates can be found on the account statements.
In addition, a credit commission of 0.25% per quarter will be charged on the average loan amount utilized.
FIXED ADVANCES
The interest rate is set by the Bank each time an advance is drawn, and is determined by conditions in the money and capital markets.
5. | Collateral |
■ | All assets provided by the Borrower and/or Third-Party Pledgor in accordance with a General Deed of Pledge and a Pledge of Claims from/Notification of insurance policies (see credit confirmation). These documents must be signed (if required). |
■ | Any bank guarantees submitted to the Bank by third-party banks securing the obligations of the Borrower from this agreement. The Bank reserves the right to refuse such guarantees without explanation in individual cases. |
6. | Risks |
The Bank expressly informs the Borrower that taking up loans by using securities and/or cash account balances as collateral and the utilization of the loan proceeds (leveraging) for investments in financial instruments of any kind (securities, derivatives, OTC/TOFF, FX etc.) also involves an interest rate, price, and currency risk.
The Borrower is made aware of the following risks in particular: In case of adverse market developments, the assets pledged as collateral may be insufficient to cover the outstanding credit in full, so that at a time that is unfavorable for the Borrower the collateral may have to be realized and the open positions may have to be closed out respectively liquidated. To the extent the realization of the available collateral is insufficient to cover the Bank’s claim from the loan, the Borrower remains based on the credit relationship personally liable vis-à-vis the Bank for the full discharge of the remaining debt.
7. | Ordinary Termination |
This framework credit limit may be terminated by either party at any time with immediate effect. Termination of the agreement will not affect the current loans. Termination of a loan granted under this agreement will not automatically result in termination of the framework credit limit.
8. | Early Termination |
The Bank is entitled at any time to declare fixed advances with terms of more than 12 months granted under the present framework credit limit to be due and payable, subject to one month’s notice, if the Borrower is in default more than 10 days on an interest payment.
The Bank is furthermore authorized to declare all fixed advances granted under the present framework credit limit, including accruing interest, commissions and charges, to be due and payable immediately or on a date determined by the Bank, if a bank guarantee used by the Bank as collateral has neither been extended 30 calendar days before its expiration date at the latest in accordance with the requirements of the Bank, nor has any other marketable collateral suited to the Bank’s purposes been made available to it in lieu of such collateral ahead of this date.
To be completed by the Bank 105155 Client no. (CIF) 0835-2394803-5 |
631 673 5.18 | Page 2/4 |
04 190219 008160
9. | Release from Contingent Liabilities/ Cash Cover |
If this framework credit limit is terminated, the Bank is entitled to request the Borrower to release it from its current contingent liabilities (e.g. by discharge) within 10 calendar days of the termination.
If the Bank cannot or can only be partially released from the liability within the above deadline or if a release of the Bank in full is shown to be impossible from the outset, the Borrower is obliged to pay the total countervalue of the outstanding contingent liabilities in the relevant currency and amount into the accounts designated by the Bank (including accounts newly opened for this purpose) at the Bank’s first demand, to the preclusion of any protests or objections. If the Borrower does not meet this obligation within the deadline set by the Bank, the Bank is entitled to liquidate the collateral as it sees fit and to credit the proceeds to the accounts designated by it. The cash cover paid into these accounts will be deemed to have been pledged to the Bank by the Borrower as collateral against any recourse based on the existing contingent liabilities.
10. | Interest Due Date/Closing Statements |
Interest falls due in each case upon the account closing. The interest will be debited to an account of the Borrower.
Current accounts are usually closed four times per year, as of the end of each quarter.
Unless agreed otherwise, fixed advances with a term of up to 12 months are closed upon maturity; fixed advances with a term of more than 12 months are closed on a quarterly basis, as of the end of each quarter.
11. | Joint and Several Liability |
If there is more than one borrower, the borrowers bear joint and several liability.
12. | Taxes, Duties and Costs |
All taxes, duties, legal and other costs arising in connection with this framework credit limit will be borne exclusively by the Borrower.
13. | Fees |
The Bank may charge a fee for the verification, modification, monitoring, and administration of the framework credit limit and for individual loans, as well as any extraordinary expenses. The Bank reserves the right to introduce or modify fees at any time.
Fees and changes thereto will be communicated to the Borrower in an appropriate manner. The current fees can be viewed at the Bank.
14. | Place of Performance |
The place of performance is the location specified in the Bank’s address. For clients whose current or future domicile is outside Switzerland, the place of performance is also the place of debt enforcement (special domicile pursuant to Article 50, para. 2 of the Swiss Federal Law on Debt Enforcement and Bankruptcy).
15. | Applicable Law and Jurisdiction |
All legal relationships between the Borrower and the Bank are governed by Swiss law, to the exclusion of the conflict of laws provisions of Swiss private international law.
The exclusive place of jurisdiction for all legal proceedings is Zurich or the place of business of the Swiss branch of the Bank with which the contractual relationship exists or the respondent’s registered office or place of domicile. Mandatory places of jurisdiction prescribed by law remain reserved.
Enclosures: (Please check as applicable)
☐ | General Deed of Pledge |
☐ | General Deed of Pledge |
(Third-party pledgor)
☐ | Pledge of claims from insurance policies |
☐ | Notification of insurance policies |
To be completed by the Bank | |
105155 | Client no. (CIF) 0835-2394803-5 |
631 673 5.18 |
Page 3 /4 |
04 190219 008161
Declaration/Signature
The Borrower hereby confirms receipt of the following documentation sent by the Bank: General Conditions incl. Safe Custody Regulations. The Borrower expressly acknowledges the contents thereof, as well as the conditions communicated by the Bank.
Place, date |
Signature of Borrower
(customary signature for numbered account clients) |
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Zurich, 27.08.2018 | ✘ | |
Place, date |
Signature of Borrower
(customary signature for numbered account clients) |
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Panamá, 25.09.2018 | ✘ | |
Place, date |
Signature of Third-Party Pledgor
(customary signature for numbered account clients) |
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✘ | ||
Place, date |
Signature of Third-Party Pledgor
(customary signature for numbered account clients) |
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✘ |
This application for a framework credit limit has been approved by Credit Suisse (Switzerland) Ltd. and is hereby confirmed.
Place, date | ||||
Zurich, 8.2.2019 | ||||
CREDIT SUISSE (Switzerland) Ltd. | ||||
1st CRM signature | Marcel Lichtsteiner | 2nd CRM signature | Pascal Hunziker | |
To be completed by the Bank | |
105155 | Client no. (CIF) 0835-2394803-5 |
631 673 5.18 |
Page 4 /4 |
04 190219 008162
To be completed by the Bank (not for Borrower’s use)
Credit Risk Management (please check as applicable) | 7.2.2019 | |||
Date, signature and stamp | ||||
☒ Credit application approved
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André C. Kolb
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To be completed by the Bank | |
105155 | Client no. (CIF) 0835-2394803-5 |
631 673 5.18 |
Appendix |
CREDIT SUISSE (Switzerland) Ltd. | ||
Bleicherweg 33 (HS)
8002 Zürich |
Telephone +41 44 333 11 11
www.credit-suisse.com |
04 190219 008163
Thomas Roth +41 44 332 15 29 |
The Capri Family Foundation
Venturi House No. 1 Calle 49, Bella Vista PA-Panama Panama City Panama |
February 8, 2019
Confirmation
of Framework Credit Limit
CIF-no. 0835-2394803-5
Dear Sir/Madam
As you requested, we are pleased to provide you with a framework credit limit valid for an undetermined period. This framework credit limit is based on the following documents you submitted:
■ | Application for a Framework Credit Limit of September 27, 2018 |
■ | General Deed of Pledge of September 10, 2018 |
The following types of usage are excluded:
■ | guarantees |
■ | commercial letters of credit |
As confirmation of our acceptance, please find enclosed a copy of the application countersigned by us.
Thomas Roth is available on telephone number +41 44 332 15 29 and will be glad to answer any questions you may have in this regard.
Yours faithfully | ||
CREDIT SUISSE (Switzerland) Ltd. | ||
Marcel Lichtsteiner | Pascal Hunziker |
Copy of Application for a Framework Credit Limit
Original
to:
Leo Trust Switzerland AG, Löwenstrasse 40, 8001
Zürich
Copy
to:
EW Asset Management AG, Emil-Staub-Strasse 5, 8708 Männedorf
631 138 11.16
Exhibit (b)(2)
CREDIT
SUISSE (Switzerland) Ltd.
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04 190219 008154
General Deed of Pledge |
Pledgor |
Name(s), first name(s)/Company |
The Capri Family Foundation |
Client |
Name(s), first name(s)/Company |
The Capri Family Foundation |
1. The Pledgor hereby grants Credit Suisse (Switzerland) Ltd. (hereinafter referred to as the Bank) a right of lien on all of his/her current and future assets, rights, and claims (hereinafter referred to as the “pledged assets”) vis-a-vis the Bank.
In particular, this right of lien applies to:
■ | all book-entry securities that are credited to a securities portfolio held at the Bank by the Pledgor; |
■ | all securities, unsecuritized rights, holdings in precious metal safekeeping accounts, and other assets held in safekeeping and/or managed by the Bank or held elsewhere in the Bank’s name and for its disposal, but for the Pledgor’s account, as well as any restitution claims resulting thereof, now or in the future; |
■ | all of the Pledgor’s assets in all accounts held at the Bank, in Swiss francs and in foreign currencies; |
■ | rights and claims from fiduciary investments made by the Bank for the Pledgor’s account; |
■ | Precious metal and coin accounts. |
The right of lien also covers all forfeited, current, and future accessory rights such as interest, dividend payments, subscription rights, etc.
Securities that are not in bearer form are pledged to the Bank in accordance with Article 901, para. 2 of the Swiss Civil Code (hereinafter referred to as the “SCC”).
2. The purpose of the right of lien is to secure any and all claims of the Bank against the Client arising from any agreements or contracts already concluded or to be entered into in the future within the context of business relationships, as well as claims on other legal grounds resulting from business operations with the Client. This applies to both the principal of such claims as well as the accrued and maturing interest, commissions, charges, fees, costs, and other debits. This right of lien also applies to any right of the Bank to be indemnified and held harmless, especially when claims are asserted against it by third parties (including issuers, liquidators, legal administrators, bankruptcy administrators, institutions, and government authorities) in connection with transactions conducted or assets held on behalf of the Client. In the case of several claims, the Bank will determine against which claims the collateral or liquidation proceeds will be credited.
To be completed by the Bank |
Signature
of Pledgor checked: Zurich, 21.9.18
Date, signature and stamp |
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09030
105030
Client no. (CIF)
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0835-2394803-5 |
Zrinka Ugarkovic
SYEE1 /A985767 |
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+41 44 332 15 33 | ||||
611 403 5.18 |
Page 1/3 |
04 190219 008155
3. Where mortgage deeds, commercial paper or negotiable instruments, goods and chattels or securities issued on the basis of goods are pledged as collateral, the Pledgor is liable for the customary insurance of the pledged property and/or the real estate, properties, items, and goods represented thereby. The Pledgor hereby assigns to the Bank all insurance and other private or public law compensation claims (including expropriation compensation) accruing to him/her with respect to the aforementioned items, and the Bank is entitled to make the necessary communications and collect such proceeds or indemnification and to give receipt on his/her behalf.
4. This pledge is in addition to and independent of any existing or future security of the Bank and will remain in force until such time as the obligations toward the Bank have been fulfilled in their entirety. The release of individual assets from this pledge will not affect the Bank’s right of lien in respect of the other pledged assets. In the event that collateral is exchanged, the new items will be subject to this pledge without further formalities. The entire asset is subject to this pledge, even if its value is increased by reason of additional payments, or for any other reason.
5. If according to the Bank’s collateral value guidelines, the value of the pledged assets is no longer sufficient to secure the Bank’s claims, the Bank may require the Client to submit additional collateral and/or to repay a corresponding portion of the debt. If the Client does not comply with this request within the period stipulated by the Bank, all of the Bank’s claims against the Client will fall due without further notice.
If claims of the Bank are due, it shall be authorized to liquidate the pledged assets and use the proceeds to satisfy its claims after deduction of expenses and costs. The Bank may, at its discretion, instigate ordinary debt collection proceedings against the client, realize the pledged assets by forced execution or, after giving prior notice to the Pledgor, it may liquidate the collateral by private contract, and in particular it may contract on its own account.
If the Bank refrains from liquidating pledged assets, this will not constitute a waiver of the Bank’s aforementioned right nor shall this result in any responsibilities for the Bank.
6. If the deed of pledge is issued on behalf of third parties, all communications will be deemed to have been duly transmitted if sent to the Client. The Pledgor undertakes to cooperate when transferring the pledged assets to a new buyer. Pledged securities that are not in bearer form are hereby assigned to the Bank in blank in case it should become necessary to liquidate them.
7. In the case of pledged mortgage deeds and other claims secured by real property, the Pledgor himself/ herself must take all necessary measures, such as applications, notices of termination, amortizations, etc., to maintain the rights attaching to the pledged assets. He/she relieves the Bank of all responsibility in this regard. Moreover, the Bank will be entitled, but not obligated, to exercise all those rights and to make decisions which are the prerogative of the Pledgor or the owner of the pledged assets. In particular, in the event of termination of a claim secured by the pledge, the Bank is entitled, but not obligated, to directly terminate the claims against the mortgagor arising from the pledged mortgage deeds and to exercise all rights against the mortgagor in its own name. For pledged mortgage deeds, particularly mortgage notes in the name of the owner, it is hereby agreed that the Bank is entitled to terminate these with a notice period of three months to the end of the month. If the Client defaults on the payment of interest or amortization, the Bank is entitled to terminate with immediate effect. The Bank is thus authorized to directly collect the principal, interest, and other income generated by the mortgages and also to enforce the claims for rent in accordance with Article 806 of the SCC as if it were the actual owner of the title or mortgage claim. In the case of the sale or fragmentation of the pledged properties, the rights accruing to the mortgage holder creditor pursuant to Articles 832, 833, and 852 of the SCC will be solely vested in the Bank for the duration of the pledge relationship. The Pledgor undertakes to forward to the Bank all associated notices that come to his/her attention without delay and to accept the Bank’s decisions. Non-compliance will cause the claims to fall due immediately. In the case of pledged mortgage deeds (particularly mortgage notes in the name of the owner), the right of lien will cover the current annual interest as well as the annual interest accrued since the date of issue. Interest will be charged at 5% p.a. If, however, a higher rate or a higher maximum interest rate is specified, the latter will be deemed agreed. The Bank may draw on the principal and interest of pledged mortgage deeds separately, and in part or whole, as collateral for its claims.
To be completed by the Bank |
105030 Client no. (CIF) of Pledgor 0835-2394803-5 |
611 403 5.18 | Page 2/3 |
04 190219 008156
8. The assets pledged hereunder will also serve to secure the Bank’s claims against the Client resulting from outstanding credit card payments. The Pledgor hereby confirms that the Bank is authorized in this context to cover the Client’s outstanding credit card payments (including charges and costs), without providing the Client or the Pledgor with notification or a deadline, by liquidating the assets pledged hereunder by private contract (including by purchasing them itself) and applying the resulting proceeds against the outstanding payments, as soon as the Client is in arrears with these payments. If the credit card relationship is terminated, the pledged assets may be retained until all outstanding credit card amounts (including charges and costs) incurred before termination of the credit card relationship or during collection proceedings have been paid in full, but in any case for at least three months after the termination of the credit card relationship.
9. For all other matters, the Bank’s General Conditions and Safe Custody Regulations, with which the Pledgor is familiar, apply.
10. The place of performance is the location specified in the Bank’s address.
If the Pledgor’s current or future place of residence or domicile is outside Switzerland, the place of performance is also the place of enforcement (special domicile pursuant to Article 50, para. 2 of the Federal Law on Debt Enforcement and Bankruptcy).
All the Pledgor’s legal relationships with the Bank are governed by Swiss law, to the exclusion of the conflict of laws provisions of Swiss private international law.
The exclusive place of jurisdiction for all legal proceedings is Zurich or the place of business of the Swiss branch of the Bank with which the contractual relationship exists or the respondent’s registered office or place of domicile. Mandatory places of jurisdiction prescribed by law remain reserved.
Place, date | Signature of Pledgor | ||
Panama, 05.09.2018 | ✘ | ||
Place, date | Signature of Pledgor | ||
Zurich, 10. 09. 2018 | ✘ | ||
Place, date | Signature of Pledgor | ||
✘ | |||
Place, date | Signature of Pledgor | ||
✘ | |||
Place, date | Signature of Pledgor | ||
✘ |
To be completed by the Bank |
105030 Client no. (CIF) of Pledgor 0835-2394803-5 |
611 403 5.18 | Page 3/3 |
Exhibit (c)(1)
Wüest Dimensions - Business intelligence by Wüest Partner |
Valuation report
Commercial property
Plan-les-Ouates, Chemin des Aulx 8-18
Chemin des Aulx 8-18
1228 Plan-les-Ouates
Switzerland
Market value | CHF 140,970,000 | |
Report date | 31.12.2020 | |
Valuation purpose | Update | |
Customer | Eldista GmbH | |
Project reference number (PRN) | 102688.2001 | |
Valuation Id | 101-4423-115 | |
End customer | Eldista GmbH | |
Project manager | Vincent Clapasson, Wüest Partner | |
Valuer | Philippe Bach, Wüest Partner | |
Site visit date | 21.11.2011 | |
Site visited by | Wüest Partner |
102688.2001 | 101-4423-115 | Plan-les-Ouates, Chemin des Aulx 8-18 | Created by Wüest Partner, 21.12.2020 | Page 1 of 45 |
Wüest Dimensions - Business intelligence by Wüest Partner |
Summary
Property condition
Commercial property
Chemin
des Aulx 8-18
CH1903: 496994 / 113830 |
Property unit | Plan-les-Ouates, Chemin des Aulx 8-18 | |
Reference number | ||
Owner | ||
Type of ownership | Leasehold | |
Construction year | 1991 | |
Last renovated | ||
Customer | Eldista GmbH | |
Contact person |
Michele
Janner
Michele@mccafferty-am.ch |
|
Project manager |
Vincent
Clapasson
vincent.clapasson@wuestpartner.com |
|
Valuer |
Philippe
Bach
philippe.bach@wuestpartner.com |
Results
Market values | CHF | CHF/m2 LA | ||
Market value | 140,970,000 | 4,046 | ||
Building insurance value | 137,988,063 | 3,961 | ||
Repair cost years 1 to 10 | 9,111,538 | 262 | ||
Inflation | 0.50% | |||
Discount rate real/nominal | 4.80% | 5.32% | ||
Net capitalisation rate (exit) | 4.80% | |||
Net/gross yield annuity | 4.66% | 7.21% | ||
Gross yield (projected/effective) | 7.74% | 7.30% | ||
IRR 5/IRR 10 | 5.32% | 5.32% | ||
Net initial yield (P1) before/after capex | 6.52% | 5.61% | ||
Annuity net yield (P1-10) before/after capex | 6.34% | 5.71% |
Market matrix | Quality profile |
Rents
Use type | Current rent | Market rent | ||||||||||||||||||||||||
Type | No. | sqm | Share | Proj. p.a. [CHF] | Vacant | Eff. p.a. [CHF] | Proj./sqm | Quantile | Proj. p.a. [CHF] | Proj /sqm | Quantile | Vacant | Dev. | |||||||||||||
Office | 62 | 30,634 | 80% | 8,757,685 | 4.9% | 8,331,808 | 286 | 43% | 7,964,840 | 260 | 35% | 6.5% | -9.1% | |||||||||||||
Indoor parking | 709 | 0 | 13% | 1,384,165 | 5.3% | 1,310,485 | 1,337,760 | 5.1% | -3.4% | |||||||||||||||||
Warehousing | 54 | 3,230 | 4% | 401,653 | 24.2% | 304,447 | 124 | 387,600 | 120 | 10.0% | -3.5% | |||||||||||||||
Outdoor parking | 126 | 0 | 2% | 202,188 | 10.1% | 181,788 | 157,560 | 9.9% | -22.1% | |||||||||||||||||
Gastronomy | 2 | 547 | 1% | 91,346 | 0.0% | 91,346 | 167 | 109,400 | 200 | 6.0% | 19.8% | |||||||||||||||
Others | 3 | 430 | 1% | 71,172 | 0.0% | 71,172 | 166 | 66,650 | 155 | 6.0% | -6.4% | |||||||||||||||
Total | 956 | 34,841 | 100% | 10,908,209 | 5.7% | 10,291,046 | 268 | 10,023,810 | 245 | 6.5% | -8.1% |
Yields
Present value | Annuity (P1-Exit) | Annuity (Exit) |
% project.
(P1-Exit) |
%
project.
(Exit) |
%
RPC
(P1-Exit) |
%
RPC
(Exit) |
Yield | |||||||||||||||||||||||
[CHF] | [CHF] | [CHF/m2] | Q. | [CHF/m2] | Q. | [%] | Q. | [%] | Q. | [%] | Q. | [%] | Q. | [%] | ||||||||||||||||
Gross target income | 217,766,731 | 10,156,734 | 292 | 288 | 100.2% | 100.2% | 7.4% | 7.3% | 7.21% | |||||||||||||||||||||
Est. rental inc. | 217,232,453 | 10,131,734 | 291 | 288 | 100.0% | 100.0% | 7.4% | 7.3% | 7.19% | |||||||||||||||||||||
Other income | 534,278 | 25,000 | 1 | 1 | 0.2% | 0.2% | 0.0% | 0.0% | 0.02% | |||||||||||||||||||||
Income reductions | 12,572,107 | 588,136 | 17 | 19 | 5.8% | 6.5% | 0.4% | 0.5% | 0.42% | |||||||||||||||||||||
Actual gross income | 205,194,624 | 9,568,598 | 275 | 270 | 94.4% | 93.8% | 7.0% | 6.9% | 6.79% | |||||||||||||||||||||
Operating costs | 22,943,751 | 1,073,587 | 31 | 84% | 31 | 84% | 10.6% | 81% | 10.7% | 81% | 0.8% | 87% | 0.8% | 87% | 0.76% | |||||||||||||||
Maintenance costs | 6,411,336 | 300,000 | 9 | 42% | 9 | 42% | 3.0% | 42% | 3.0% | 42% | 0.2% | 47% | 0.2% | 47% | 0.21% | |||||||||||||||
Refurbishment costs | 28,948,978 | 1,354,584 | 39 | 70% | 47 | 78% | 13.4% | 61% | 16.3% | 72% | 1.0% | 1.2% | 0.96% | |||||||||||||||||
Ground lease fee (costs) | 5,922,472 | 277,125 | 8 | 8 | 2.7% | 2.8% | 0.2% | 0.2% | 0.20% | |||||||||||||||||||||
Other costs | 0 | 0 | 0 | 0 | 0.0% | 0.0% | 0.0% | 0.0% | 0.00% | |||||||||||||||||||||
Total costs | 64,226,536 | 3,005,296 | 86 | 94 | 29.7% | 32.7% | 2.2% | 2.4% | 2.13% | |||||||||||||||||||||
Total net income | 140,968,088 | 6,563,302 | 188 | 176 | 64.8% | 61.0% | 4.8% | 4.5% | 4.66% |
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Summary 2
Results
Periods | nominal cashflows | ||||||||||||||||||||||||
1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | Exit | ||||||||||||||
Incomes |
Ann.
% project. |
01.01.2021
- 31.12.2021 |
01.01.2022
- 31.12.2022 |
01.01.2023
-31.12.2023 |
01.01.2024
-31.12.2024 |
01.01.2025
- 31.12.2025 |
01.01.2026
-31.12.2026 |
01.01.2027
- 31.12.2027 |
01.01.2028
- 31.12.2028 |
01.01.2029
-31.12.2029 |
01.01.2030
- 31.12.2030 |
01.01.2031 | ||||||||||||
Gross target income | 100.2% | 11,005,926 | 10,686,680 | 10,606,608 | 10,410,593 | 10,440,417 | 10,417,527 | 10,363,496 | 10,405,838 | 10,457,867 | 10,510,157 | 10,562,707 | ||||||||||||
Est. rental inc. | 100.0% | 10,980,926 | 10,661,555 | 10,581,358 | 10,385,216 | 10,414,914 | 10,391,895 | 10,337,737 | 10,379,950 | 10,431,850 | 10,484,009 | 10,536,429 | ||||||||||||
Other income | 0.2% | 25,000 | 25,125 | 25,251 | 25,377 | 25,504 | 25,631 | 25,759 | 25,888 | 26,018 | 26,148 | 26,279 | ||||||||||||
Income reductions | 5.8% | 121,111 | 308,215 | 397,538 | 523,965 | 551,585 | 603,708 | 656,965 | 673,348 | 676,715 | 680,099 | 683,499 | ||||||||||||
Actual gross income | 94.4% | 10,884,815 | 10,378,465 | 10,209,071 | 9,886,628 | 9,888,832 | 9,813,819 | 9,706,532 | 9,732,490 | 9,781,152 | 9,830,058 | 9,879,208 | ||||||||||||
Costs | ||||||||||||||||||||||||
Operating costs | 10.6% | 1,116,046 | 1,102,913 | 1,101,752 | 1,094,808 | 1,099,171 | 1,100,912 | 1,101,111 | 1,106,143 | 1,111,673 | 1,117,232 | 1,122,818 | ||||||||||||
Maintenance costs | 3.0% | 300,000 | 301,500 | 303,008 | 304,523 | 306,045 | 307,575 | 309,113 | 310,659 | 312,212 | 313,773 | 315,342 | ||||||||||||
Refurbishment costs | 13.4% | 1,283,000 | 500,490 | 0 | 0 | 3,185,930 | 0 | 0 | 4,142,118 | 0 | 0 | 1,719,383 | ||||||||||||
Ground lease fee (costs) | 2.7% | 277,125 | 278,511 | 279,903 | 281,303 | 282,709 | 284,123 | 285,543 | 286,971 | 288,406 | 289,848 | 291,297 | ||||||||||||
Total costs | 29.7% | 2,976,171 | 2,183,413 | 1,684,663 | 1,680,634 | 4,873,855 | 1,692,610 | 1,695,768 | 5,845,890 | 1,712,291 | 1,720,853 | 3,448,841 | ||||||||||||
Total net income | 64.8% | 7,908,644 | 8,195,052 | 8,524,408 | 8,205,994 | 5,014,977 | 8,121,208 | 8,010,764 | 3,886,600 | 8,068,861 | 8,109,205 | 6,430,368 | ||||||||||||
Market value as at start of period | 140,968,088 | 140,282,610 | 139,266,751 | 137,857,634 | 136,702,566 | 138,775,617 | 137,756,764 | 136,797,734 | 140,039,285 | 139,141,570 | 138,154,294 | |||||||||||||
Gross yield p.a. | 7.81% | 7.62% | 7.62% | 7.55% | 7.64% | 7.51% | 7.52% | 7.61% | 7.47% | 7.55% | 7.65% | |||||||||||||
Net yield after repair p.a. | 5.61% | 5.84% | 6.12% | 5.95% | 3.67% | 5.85% | 5.82% | 2.84% | 5.76% | 5.83% | 4.65% | |||||||||||||
Capital growth return p.a. | -0.49% | -0.72% | -1.01% | -0.84% | 1.52% | -0.73% | -0.70% | 2.37% | -0.64% | -0.71% | ||||||||||||||
Total return p.a. | 5.12% | 5.12% | 5.11% | 5.11% | 5.19% | 5.12% | 5.12% | 5.21% | 5.12% | 5.12% |
Sensitivity analysis
Presentation in relative terms | ||||||||||||
Δ | +30 | +10 | +/- | -10 | -30 | |||||||
5.10% | 4.90% | 4.80% | 4.70% | 4.50% | ||||||||
Target rental income | -10% | -20% | -17% | -15% | -13% | -9% | ||||||
+0% | -6% | -2% | 0% | 2% | 7% | |||||||
+10% | 8% | 13% | 15% | 17% | 23% | |||||||
Vacancy | +100% | -14% | -11% | -9% | -7% | -3% | ||||||
+0% | -6% | -2% | 0% | 2% | 7% | |||||||
-100% | 2% | 6% | 9% | 11% | 16% | |||||||
Repair costs | -10% | -4% | -0% | 2% | 4% | 9% | ||||||
+0% | -6% | -2% | 0% | 2% | 7% | |||||||
+10% | -8% | -4% | -2% | 0% | 5% |
Contract terms
Usage |
Expected
end ø [a] |
WAULT
ø |
WAULT
min |
WAULT
max |
Index
ø |
|||||
Hotel | 2.7 | 2.7 | 2.7 | 2.7 | 100% | |||||
Office | 2.5 | 2.5 | 0.2 | 6.5 | 100% | |||||
Warehousing | 2.5 | 2.6 | 0.3 | 6.5 | 100% | |||||
Outdoor parking | 2.4 | 100% | ||||||||
Indoor parking | 2.3 | 100% | ||||||||
Gastronomy | 1.8 | 1.8 | 1.8 | 1.8 | 100% | |||||
Total | 2.5 | 2.5 | 0.2 | 6.5 | 100% |
102688.2001 | 101-4423-115 | Plan-les-Ouates, Chemin des Aulx 8-18 | Created by Wüest Partner, 21.12.2020 | Page 3 of 45 |
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Contents |
Title | 1 |
Summary | 2 |
Summary 2 | 3 |
Contents | 4 |
Description | 5 |
Property data (plots, buildings) | 12 |
Use-type overview | 14 |
Area list | 16 |
Summary by tenant and use type | 23 |
Summary by tenant and use type outlook | 28 |
Expenses/budget | 32 |
Projected accounts summary | 33 |
Sensitivity analysis | 34 |
Quality profile | 35 |
Photo documentation | 37 |
Maps (macro and micro location) | 39 |
Plans | 40 |
Context | 41 |
Documentation index | 42 |
Glossary | 43 |
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Description
Update
Update as at 31.12.2020 (Property was not newly inspected)
+ Area change compared to previous valuation: 56 m2
+ Current target earnings increased by +0.95% (currently CHF 10,908,209 p.a.)
+ Current vacancies decreased to 5.7% (Improvement compared to previous valuation by -0.5 percentage points)
+ The weighted average unexpired lease term (WAULT) has increased by +2.0 years (currently 2.5 years)
- Annual market rent decreased by -0.7% (currently CHF 10,023,810 p.a.)
- Structural vacancy increased to 6.5% (Increase compared to previous valuation by 0.1 percentage points)
- Annuity operating costs increased by 0.8% to CHF 1,073,587 p.a.
± Annuity maintenance costs unchanged at CHF 300,000 p.a.
- The sum of capital expenditures in the first 10 years has increased by CHF 3,857,000
- Annuity capital expenditures increased by 9.0% to CHF 39/m2 p.a.
+ Discount rate reduced by -10 basis points to 4.80%
Market value (100%) per 31.12.2020: CHF 140,970,000 (CHF +610,000; +0.4%) Market value (100%) per 31.12.2019: CHF 140,360,000
The following text refers to the valuation with site visit in 2011 (except for the «Makro location» and «Comments/Remarks»)
Comments
Discount rate:
- Decrease of -10 bp.
CAPEX:
- Renovation of the heating system and pipes of the building planned in 2028 (Wüest Partner assumption).
Diclaimer COVID 19:
As a result of the second wave of the COVID 19 pandemic, with rising infection rates, drastic measures have again been put into force, have been tightened or are expected to be tightened in many countries. The consequences of these measures for the real estate market cannot yet be fully anticipated and remain difficult to quantify at the moment due to the still limited amount of available comparative transactions carried out in the context of the second wave. As a result, valuation results include currently a higher level of uncertainty.
Macro location
General locational factors
With a population of 10,657 (up by 3.7% between 2014 and 2018), the municipality of Plan-les-Ouates (GE) is located in the Genève (CH) urban agglomeration. People with a higher income (executives and senior management) accounted for 12% of Plan-les-Ouates's population in 2018, compared to the Swiss average of 12%.
313,000 people live within a 10-minute and 469,000 within a 20-minute drive of Plan-les-Ouates (the corresponding figures for the city of Zurich being around 420,000 and 704,000).
Within half an hour's drive of Plan-les-Ouates, 530,000 residents and 366,000 employees (full time equivalent) can be reached in Switzerland (equivalent figures for the city of Zurich: approx. 1,655,000 residents and 1,189,000 employees).
The number of people working in the industrial or service sector (full time equivalent) was 13,412 in 2018, 44.2% being employed in the service sector (Switzerland: 75.1%). Since 2016, the employment figure for Plan-les-Ouates has increased by 4.4%, with both the industrial and service sector providing additional jobs. Between 2019 and 2020, the region of Geneva, which Plan-les-Ouates is part of, has shown a net inward corporate migration, i.e. fewer companies moved out of the area than arrived from other regions.
Office premises
The average asking rent (net) for office space in Plan-les-Ouates is CHF 308 per sqm p.a. This value is above the Swiss average of CHF 218 per sqm p.a.
Overall, the urban agglomeration Genève (CH) provides some 6,074,000 sqm of office space (including 148,000 sqm in Plan-les-Ouates). The volume of new-build office development (in relation to the existing stock) over the last few years in the urban agglomeration Genève (CH) has been above par for Switzerland.
Retail premises
The average asking rent (net) for retail space in Plan-les-Ouates is CHF 275 per sqm p.a. This value is above the Swiss average of CHF 240 per sqm p.a.
Overall, the urban agglomeration Genève (CH) provides some 1,803,000 sqm of retail space (including 30,000 sqm in Plan-les-Ouates). This is equivalent to some 3.0 sqm retail space per resident of urban agglomeration, a figure below the Swiss average (4.2 sqm per resident). The volume of new-build retail development (in relation to the existing stock) over the last few years in the urban agglomeration Genève (CH) has been above par for Switzerland.
Conclusion
According to Wüest Partner AG's location and market rating, Plan-les-Ouates ranks as a municipality with an excellent location quality for office premises (4.7 points) and a very good location quality for retail premises (4.5 points on a scale from 1 [municipality with an extremely poor location quality] to 5 [municipality with an excellent location quality]).
Micro location
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The building park is located in the industrial zone Plan-les-Ouates (subsequently referred to as ZIPLO), which extends over 64 hectares. This area mainly accommodates businesses in the watch sector (Rolex, Vacheron- Constantin, Piaget, Patek Philippe, Harry Winston, Frédérique Constant, etc.), although divers companies in the nutritional, bio-technical (CTN – Centre des Technologies Nouvelles), and mechanical fields as well as luxury car dealerships (Ferrari, Lamborghini) are also located here.
In 2012 Polo Ralph Lauren will base its’ European headquarters in the building being constructed on the neighboring lot at the intersection of the route de la Galaise and the chemin des Aulx (total surface ca. 8’500 m2).
This area is booming with various development projects such as a new building for biotechnologies next to the new Blue Box building on the chemin de Pré-Fleuri, as well a project similar to the CTN, the CIT on the route de la Galaise.
Most of the buildings in this area were constructed about 20 years ago and are of an industrial design. The urban design isn’t conjoint and comprises several stories. The architecture chosen by the watch companies is often bolder and bestows a more modern feel to this industrial zone.
The area is quite well accessible by public transport during working hours: the bus routes 23 and 42 have stops in the ZIPLO and the lines 4 and D run along the route de Saint Julien. The access by private means of transportation is very easy with the highway exit Perly from the Geneva bypass as well as the route de Saint Julien, which connects Geneva with France. However, parking spaces are very limited in the area.
The restaurant and shopping possibilities are very sparse in the proximity; the options are greater at 10 min. distance by car. Nonetheless, nuisances are minor and the slight topographical slope of the area offer a panorama of the Rhone plain and the Jura.
In the near future, this Geneva area’s appeal will grow even more with the rezoning for the future development project ‘Quartier des Cherpines-Charrotons’ located on the other side of the route de Base. This rezoning should be carried out this fall and will comprise an area of 58 hectares with a mixed utilization of 62% residential, 23% industrial, and 15% business.
Building/Surrounding area
A ground lease comprising a “droit distinct et permanent DDP” has been established and registered under sheet N° 11095 for the plot N° 11138 in the Plan-les-Ouates community with 22'001 sqm. The plot N° 11138 belongs to the State of Geneva.
This valuation concerns the ground lease N° 11095, owned by Eldista Sarl.The plot is situated in an industrial and commercial development area (ZDIA) which was created by the law dating 27.11.1970 regarding the rezoning of an industrial area (ZIPLO) in the Plan-les-Ouates community. The Master Plan N° 26650 for this industrial zone came into effect 28.11.1979.
The ZIPLO directive reserves this area solely for industrial, commercial or coequal use. Office use is only permitted in the case of necessity and in direct connection with production and industrial businesses. However an enactment, passed the 3.8.2010, indicates that the exclusive industrial occupancy is generally speaking. In this regard, a bill or modification of the general law, concerning the industrial development zones will be presented at the Great Council (Grand Conseil).
Several easements in favor of Services Industriels de Genève are mentioned. None of these easements in the land register are relevant to the property’s value. The land register of the plot N° 11138 also contains two notations referring to the restricted use within the ZIPLO directive, as well as the restriction for foreign investors (LFAIE) that does not concern this type of property since modification of Lex Friedrich in Lex Koller in 1997. The first notation refers to the legal first right of refusal in favor of the State of Geneva and the Plan-les-Ouates community, which is typical for plots situated in the development zone in the canton of Geneva.
According to the Register of Contaminated Sites (KbS) on the website www.sitg.ch, the plot N° 11138 has not been register as a contaminated site. This does not represent a proof that the plot is free from such a contamination, but confirms that an urgent suspicion of a contamination doesn’t exist.This valuation doesn’t include the eventual costs of a possible depollution and cleanup in the presence of hazardous materials such as asbestos, PCB, etc.
6 buildings are constructed above ground on the plot:
-office building (N° 3385) chemin des Aulx 8 with a floor area of 2’276 sqm (G + 3)
-restaurant with incorporated hotel (N° 3383) chemin des Aulx 10 with a floor area of 544 sqm (G +2)
-office building (N° 3381) chemin des Aulx 12 with a floor area of 2’279 sqm (G + 3)
-workshop type building (N° 3382) chemin des Aulx 14 with a floor area of 2’278 sqm (G + 3)
-factory building (N° 3384) chemin des Aulx 16 with a floor area of 523 sqm (G + 2)
-office building (N° 3386) chemin des Aulx 18 with a floor area of 2’276 sqm (G + 3)
The underground garage (N° 3388) with a floor area of 12’261 sqm has 674 parking spaces for cars as well as 28 parking spaces for motorcycles on 2 levels with a ‘Rue Centrale’ in the middle of the property. There are another 111 outdoor parking spaces for cars and 25 parking spaces for motorcycles.
Building fabric/Condition
The 6 buildings and the underground parking were built between 1986 and 1991. They can be divided into two types:
Four of the buildings are of an office/laboratory type with :
-2 levels under ground, 3 floors above ground, 1 top floor
-flat roof with terraces
-open space plan with a skeleton structure with prefabricated concrete foundation slabs
-non-load bearing metal facades
-metal, isolated, double pane windows with cloth awnings inside
-fore-structure with cloth awnings outside
-Knauf drywall or concrete brick dividing walls
-Radiator heating
-Tenant build outThese buildings are organized around a central staircase running through the building with 2 elevators (as well as a freight elevator by the two older buildings of this type). A delivery entrance also feeds into this area. The ancillary spaces are located on both sides of the staircase. Two further staircases with an elevator each are situated in the middle or end of the building and are accessible from the underground parking.
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Two smaller buildings (hotel, restaurant, fitness use) with :
-1 level under ground, 3 floors above ground
-load bearing facades with apparent concrete
-metal, isolated, double pane windows with cloth awnings inside
-flat roof
-Radiator heating
-Tenant build out
These buildings have an adjacent staircase with elevator. The ancillary spaces are clustered around the staircase area. The chemin des Aulx 10 with the restaurant has an additionnal staircase with a freight elevator mirroring the first staircase.
The complex was conceptually designed as a factory/laboratory site. The interior standard reflects this concept with a raw feel in it’s finishing. The buildings are well maintained, yet without any major capital expenditures since completion, several investments will need to be made in the years to come.
The underground parking garage will need to be refreshed shortly.
Technical installations are as following:
-smoke and exhaust emission detectors in the parking garage (there is no sprinkler system in the buildings)
-air conditioning / ventilation with monoblocs in the chemin des Aulx 8, 12, 14 (these were all installed by the old or current tenants; some are no longer in use)
-air conditioning in the restaurant area and CTN 14
-gas heating (1991) 2x 520 kW as well as a CHP (combined heat & power; 1995 with a new motor in 2009). The gas heating is still maintained and was used during the CHP revision in 2009.
Usage
The building is mainly used for office/laboratories as following:
- 30’338 sqm office area
- 131 sqm as an apartment
- 3’129 sqm storage area
- 547 sqm restaurant area
- 430 sqm hotel area
- 674 indoor car parking spaces
- 111 outdoor car parking spaces
- 53 motorcycle parking spaces (indoor and outdoor)
Rental income
In general the rental contracts are of a 5 years duration with further contract extensions with periods of 5 years at a time, given a 6 or 12 months notice. These contracts have an indexation of 100% CPI; as an indexation of the rental contracts is only possible if the contract is of a min. 5 years duration. That means, all contracts with a renewal on a year-to-year basis may not be indexed. This valuation relies on the rent roll for this information. They have been randomly checked with the lease agreements.
The buildings currently have 6 major tenants that represent 76.1% of total rental revenue of the property :
-LEM SA, rental contract of 15 years, expires on 31.3.2020 (30% of the property revenue)
-ADDEX, rental contract, expires on 31.12.2012, 31.3.2013, and 31.12.2016 (17.9% of the property revenue)
-NOVIMMUNE SA, rental contract, expires on 31.12.2012, 30.4.2015, and 31.12.2018 (11.3% of the property revenue)
-ANTEIS SA, rental contract, expires on 31.12.2015, 31.5.2016, and 31.5.2017 (7% of the property revenue)
-AGILENT, rental contract, expires on 31.12.2016 (5% of the property revenue)
-FONGIT, rental contract, expires on 31.1.2017, 30.4.2017, 31.10.2016, 30.4.2013, and 31.5.2015 (4.9% of the property revenue)
The current average rent for offices is CHF 289.-/sqm, ranging between CHF 125.-/sqm and CHF 340.-/sqm. The market potential (market rent) for these areas is estimated at CHF 270.-/sqm.
The current average rent for storage is CHF 118.-/sqm, ranging between CHF 0.-/sqm and CHF 245.-/sqm. The market potential (market rent) for these areas is estimated at CHF 120.-/sqm.
The current average rent for the restaurant and the hotel is respectively CHF 222.-/sqm and CHF 152.-/sqm corresponding to the market potential (market rent).
The current rent for the caretaker’s apartment (part of the area let by LEM SA) is CHF 311.-/sqm. The market potential (market rent) for these areas is estimated at CHF 270.-/sqm.
The current rent for the indoor and outdoor parking spaces is respectively at CHF 150.-/month and CHF 135.-/month. The market potential (market rent) is estimated at CHF 160.-/month and CHF 130.-/month.
In summary, the market rental revenue for the property is estimated at CHF 10’248’195.-, which corresponds to ca. -4% of the current rental revenue at CHF CHF 10'682'003.-. The current vacancy is at 1.1% representing CHF 120’630.-. This corresponds to a office area of ca. 285 sqm, ca. 427 sqm of storage area, 26 indoor parking spaces, 30 outdoor parking spaces, and 4 parking spaces for motorcycles.
This valuation takes into consideration that the re-letting periods have been set to 24 months for inital vacancy. The structural vacancy rate is set at 4.5% overall, with 3% for the restaurant and hotel areas, 4% for the office areas, 10% for the storage areas, 5% for the indoor parking, 10% for the outdoor parking spaces and 15% for the motorcycle parking spaces.
Running and maintenance costs
According to the operating cost accounts for the past 4 periods, the property revenue was between CHF 8'560'600.- and CHF 10'232'000.-, which corresponds to a increase of +19.5%. Nevertheless, significant losses were recorded in 2010 due to tenant’s disagreement to the service cost statements. Thus, the actual collected revenue was only in average CHF 9'334'500.- for the last 4 years.
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Regarding past service costs statements, agreements and settlements were reached and signed with the tenants, granting rent-free period as compensation. Subject to the ground leaseholder’s information, this situation shouldn’t be of consequence in the accounts starting the 1.1.2012 as service costs are estimated now at 35.-/sqm for all 6 buildings, with CHF 56.15/sqm for the CTN 14. Therefore, the ground leaseholder only assumes a part of the operating costs:
- the insurance premium
- the administration and management cost, estimated at 4% of the building’s revenue
- property taxes: 2.0‰ of the tax value, capitalized with the rent revenues after deduction of the ground lease rent at 6.13% (average of the last 5 years of the allowed rate in 2011 by the "AFC - Administration Fiscale Cantonale" for commercial real estate located in other construction zoning than "zone de construction 1 & 2")
- other expenses estimated at 1.5% of the building’s revenue
According to Wüest Partner’s benchmarks, the operating costs are estimated at CHF 1’040’000.- corresponding to 10% of the market rental revenue.
The annuity for the upkeep costs is estimated at ca. CHF 300’000.-, which represents CHF 8.70/sqm.
Refurbishment
The following repair costs are taken into account in the valuations for the years 1 -10. They are based on the CAPEX due diligence done by Knight Frank and verified by MIBAG, respectively A+W for the mechanical equipment. Not all repair suggestions could be verified during the survey. Furthermore the transformation of the fitness/sport area into office space in 2012 and the renovation of the stair case areas/toilets in 2021 were added by Wüest Partner.
2012: Total costs CHF 1'423’000
exterior repair costs CHF 305’000 (cleaning of photovoltaic panels, replacement flat roof CTN 10, replacement solar protection (fabric awnings), repair ladder safety)interior repair costs CHF 240’000 (security and emergency concepts for escape routes, electrical supply, fire protection & detection)
technical installations costs CHF 350’000 (replacement water cooling system (R22), replacement of air conditioning systems with R407C, replacement air handling system)
parking space repair costs CHF 128’000 (repair concrete surfaces in garage and outside, pavement walkway hotel)
transformation fitness area into office space costs CHF 400’000 (suggestion Wüest Partner)
> The facades should be cleaned in the very near future. The costs for the facade cleaning should be divided over 5 years and are to be made part of the service charge. As the facades should be cleaned on a regular basis, the charges would be carried by the tenant.
2013: Total costs CHF 232’000exterior repair costs CHF 158’000 (replacement solar protection (fabric
awnings), replacement failed window units, replacement refrigeration system with R22 for cold rooms)parking space repair costs CHF 33’000 (repair concrete surfaces)
2014: Total costs CHF 396'000technical installations costs CHF 338’000 (emergency lighting system, elevators, repair heat coils rooftop air handling plant, replacement of air conditioning systems with R407C, R22)parking space repair costs CHF 58’000 (repair concrete surfaces in garage and outside, pavement) > Starting in 2014 the elevators should be changed and adapted to the new norms. This will be done over several years.
2015: Total costs CHF 167'000exterior repair costs CHF 108’000 (painting div. metal work, replacement failed window units, mastic seal replacement, technical installations costs CHF 25’000 (elevatorsparking space maintenance costs CHF 33’000 (repair concrete surfaces)
2016: Total costs CHF 556'000exterior repair costs CHF 296’000 (replacement solar protection (fabric awnings), painting div. metal work, mastic seal replacement,technical installations costs CHF 202’000 (elevators, replacement air handling system, parking space repair costs CHF 58’000 (repair concrete surfaces in garage and outside, pavement)
2021: Total costs CHF 3’206’000exterior repair costs CHF 458’000 (painting div. metal work, replacement failed window units, mastic seal replacement)interior repair costs CHF 90’000 (replacement domestic water services)technical installations costs CHF 1’385’000 (elevators, replacement main heating distribution, replacement air handling units, replacement water cooling systems)parking space repair costs CHF 83’000 (repair concrete surfaces in the parking garage)renovation staircases incl. painting, floors as well as toilets costs Total CHF 1’190’000 (suggestion Wüest Partner)
Yield-Risk-Profile
+ The building benefits from a favourable micro-location for offices/laboratories uses with excellent transport facilities in for a non-central business location.
+ The property offers many outdoor and indoor parking spaces and other facilities (restaurant, hotel)
+ The property is home to 6 major tenants representing 76.1% of the total revenue, with a mid-term, long-term contract
+/- The property is in a good overall state of repair and yet without any major capital expenditures since completion, several investments will need to be made in the years to come.
- Office use restiction for industrial, commercial or coequal use
- In the coming years, the property will face higher competition as similar projects aiming the same end-users are about to be launched in ZIPLO area and with the future development project ‘Quartier des Cherpines- Charrotons’ located on the other side of the route de Base.
Consequently, a market- and risk-adjusted discount rate of 5% has been applied to the valuation.
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Special risks
This valuation doesn’t take into consideration an increase of the ground lease rent that the State of Geneva could implicate as more than 1/2 of the buildings are rented to third parties. The ground lease rent increase could represent ca. CHF 40'000 (the difference between CHF 410'000 and CHF 370'000) ; as foreseen in the agreement of the ground lease.
Dated the 13.3.2008, the ground leaseholder signed a contract with SIG (Services Industriel de Genève) with the following objectives:
-takeover and replacement of the heating installations
-financing of the replacement work
-use and maintenance of the installations
-supply of the complete heating needed for the CTN
The ground leaseholder charges the tenants the entire costs related to this contract with SIG, including all costs in relation to the replacement of the installations and their financing.
This valuation doesn’t take into consideration an eventual complaint from tenants for the unduly collected sums concerning the heating costs statements nor for the part that should be assumed in the future by the owner for the replacement costs of the installations.
Ground lease
Property owner: State of Geneva
Ground lease holder (lessee) : Eldista GmbH – ground lease N° 11095 in Plan-les-Ouates
The State of Geneva granted a servitude to the société Liaisons Electroniques-Mécaniques LEM SA on 22.7.1986 and 6.8.1986. The Eldista GmbH currently owns the easement in form of a ground lease N° 11095 in the Plan-les-Ouates community according to the ground lease transfer dating from 15.3.2005 and 24.3.2005 between CTN, Centre de Technologies Nouvelles SA, Eldista GmbH and the State of Geneva.
The purpose is as followed: The ground leaseholder’s company is allowed to use the granted land for a building park reserved for industrial or commercial businesses, which have been agreed upon beforehand by the Fondation pour les terrains industriels de Genève (FTI), who acts on behalf of the State of Geneva.
The ground lease has been established for a period of 90 years from 1.7.1986 until 1.7.2076. The ground lease is renewable for further periods of max. 30 years each given a 5 year notice. It is assumed in this valuation that the ground lease will be renewed ad eternum.
At the start of the contract, the annual rent for the ground lease was set at CHF 8.-/sqm. It’s stipulated that a 100% increase could be achieved on this amount, given that the ground lease holder rents a net area greater than 50% to a third party.
On the 15.3.2005 and 24.3.2005, the ground lease contract was modified, and because the whole building is
let to third parties, the annual rent of the ground lease was raised by 80% over a period of 8 years from CHF 202'381.80 to CHF 369'566.40.
As of 1.7.2011 and until 30.6.2012: CHF 16.80/sqma or CHF 369'566.40
At this time, the ground lease rent would be indexed in accordance with the ground lease clauses and terms until the end of the 5 years period, ca. 30.06.2016.
It was agreed upon between parties that this rent increase is made at a rate of only 80% over this period of 8 years. Nevertheless, the State of Geneva would have the right to increase the ground lease rent to 100% after the 9th year, depending on the economic situation of the ground lease company. In this case, the situation would be examined a year before echelon period is up.
The compensation for damages at the expiration of the contract is regulated as follows:
In the case, that the ground leaseholder refuses to renew the ground lease, he must bear the expenses without compensation for the removal of the construction and installations on the land. The State of Geneva has the right to acquire the buildings at their construction/real value after deduction of outdatedness.
In the case that the property owner refuses to renew the ground lease, he must compensate a maximum equal to the construction/real value of the buildings after deduction of outdatedness.
The State of Geneva has a legal right of first refusal. However the ground leaser holder’s legal right of first refusal is repealed by the notation in the land register of plot N° 11138 as well as in the ground lease sheet N° 11095. The legal mortgage, equals to three times the annual rent of the ground lease, is revised at the same time and to the same conditions as the ground lease rent. The legal mortgage was set to CHF 857’922.- at the time of the ground lease contract last modification and corresponds to three times the ground lease rent adopted in 2007/2008. Keeping in account that the current ground lease rent is being raised to CHF 369’566.40, an adaptation of the legal mortgage to CHF 1’108’699.- could be proposed by the State of Geneva.
In addition, a ground lease contract clause requires the complete redemption of debt guaranteed by real estate securities at least three years before the expiration of the ground lease.
Previous updates
Update as at 31.12.19
Preamble: the space previously occupied by CryoSave, under police investigation, has been released by end of November (based on our information). Therefore, we do not take into account any extraordinary vacancy in that respect.
The current rental income as at 31.12.19 is CHF 10,805,937.-, which represents a decrease of -0.2% compared to the last valuation. It can be explained by some tenant leavings (Answer Solutions SA, Cryo Save AG, Fokeladeh Samir, Geneuro and Union Horlogère SA), a decrease of some tenant rents (NovImmune SA and So Be Cosmetics SA) uncompensated by new lease contracts (Cramatte Cedric and Illine Daria) and the increase of some tenant rents (DFI services SA, Emaco SA, GFI International SA, Lemsys SA and Prexton Therapeutics). The vacancy rate has increased from 2.5% to 6.2% of the current rental income which represents CHF 669,413.-.
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The market rent has increased by +0.1% and is explained by the slight increase of the lettable area (34,694 sqm to 34,785 sqm).
Running costs have been updated, in particular for property taxes. The tax value has been estimated by capitalizing the rent revenue after deduction of the ground lease rent at 5.03% (average of the last 5 years of the allowed rate in 2019 by the "AFC - Administration Fiscale Cantonale" for commercial real estate located in other construction zoning than "zone de construction 1 & 2").
Repair costs annuity has increased compared to the last valuation due to the aging of the building uncompensated by the capex paid in 2019.
For the first year, the forecasted capex has been adjusted from CHF 1,470,000.- to CHF 1,426,000.-. The land rent remains unchanged at CHF 277,125.-.
The discount rate remains unchanged at 4.9% in order to reflect the yields/returns demanded by the market for such properties.
Consequently, the market value as at 31.12.19 of this property is estimated at CHF 140,360,000.-, which represents a decrease of -2.2% compared to the last valuation.
Update as at 31.12.18
The current rental income as at 31.12.18 is CHF 10,827,773.-, which represents an increase of +0.2% compared to the last valuation. It can be explained by new lease contracts signed for Ansura Associates SA and Finastra Switzerland GmbH (Fusion ex. D+H) and the increase of premises for ObsEVA, Factor Lead, Plair SA and SGS M-Scan SA uncompensated by the leaving of BinC Industries SA, Cyrus.ch and Omac, the release of premises from Answer Solutions and Union Horlogères and the decrease of the rent of Epic Restaurant. The vacancy rate has decreased from 2.8% to 2.5% of the current rental income which represents CHF 275,231.-.
The market rent has decreased by -0.7% due to the decrease of the market rent of office premises from CHF 280.-/sqm per year to CHF 270.-/sqm per year.
Running costs have been updated, in particular for property taxes. The tax value has been estimated by capitalizing the rent revenue after deduction of the ground lease rent at 5.18% (average of the last 5 years of the allowed rate in 2018 by the "AFC - Administration Fiscale Cantonale" for commercial real estate located in other construction zoning than "zone de construction 1 & 2").
Repair costs annuity has increased compared to the last valuation due to the aging of the building uncompensated by the capex paid in 2018.
For 1st year, the forecasted capex has increased from CHF 547,000.- to CHF 1,470,000.-.
The land rent has been updated from CHF 370,000.- to CHF 277,125.- due to adjustment in the index.
The discount rate remains unchanged at 4.9% in order to reflect the yields/returns demanded by the market for such properties.
Consequently, the market value as at 31.12.18 of this property is estimated at CHF 143,470,000.-, which represents an increase of +0.3% compared to the last valuation.
Update as at 31.12.17
The current rental income as at 31.12.17 is CHF 10,805,023.-, which represents a decrease of -0.5% compared to the last valuation. It can be explained by the leaving of Keysight Technologies and the release of premises from Fondation Eclosion uncompensated by new lease contracts signed for Acqiris SA and HED Technologies and the increase of premises for ObsEVA and Selexis.
The vacancy rate has decreased from 6.1% to 2.8% of the current rental income which represents CHF 304,290.-.
The market potential has decreased by -1.5% from CHF 10,293,355.- to CHF 10,155,890.- due to the forecast of intense activity of construction and oversupply especially in Plan-les-Ouates (L'Atelier under construction, Tourbillon, Galaise G32, planning stage).
Running costs have been updated, in particular for property taxes. The tax value has been estimated by capitalizing the rent revenue after deduction of the ground lease rent at 5.23% (average of the last 5 years of the allowed rate in 2016 by the "AFC - Administration Fiscale Cantonale" for commercial real estate located in other construction zoning than "zone de construction 1 & 2").
Repair costs annuity has increased compared to the last valuation due to the aging of the building uncompensated by the capex paid in 2017.
For 1st year, the forecasted capex has decreased from CHF 1,070,000.- to CHF 547,000.-.
The amount paid for the land rent was CHF 323,416.- over the last 3 years which is lower than what is mentioned in the ground lease agreement. Nevertheless, we kept the amount for the land rent at CHF 370,000.- as mentioned in the agreement. The State of Geneva would have the right to increase the ground lease rent.
The discount rate remains unchanged at 4.9% in order to reflect the yields/returns demanded by the market for such properties.
Consequently, the market value as at 31.12.17 of this property is estimated at CHF 143,000,000.-, which represents a decrease of -0.9% compared to the last valuation.
Update as at 31.12.16
The current rental income as at 31.12.16 is CHF 10,853,877.-, which represents an increase of +0.2% compared to the last valuation. It can be explained by the new lease contract signed for Factor Lead SA uncompensated by the leaving of ILS and the release of premises from ADDEX and Technoplan.
The inflation rate has decreased from 1% to 0.5% to take account of current economic perpective.
The vacancy rate has increased from 3% to 6.1% of the current rental income which represents CHF 333,131.-. The long term vacancy rate for office premises has increased from 5% to 6.5% to take account of current vacancies premises of the surroundings.
The market potential has increased by +1.4% from CHF 10,149,405.- to CHF 10,293,355.- due to the adjustment of office premises (+581 sqm) uncompensated by the adjustment of storage premises (-157 sqm). Potential rental income for office premises has been adapted to CHF 285.-/sqm per year for office premises located at chemin des Aulx 14 (air conditioning) and CHF 265.-/sqm per year for other office premises. Running costs have been updated, in particular for property taxes and insurance premium. The tax value has been estimated by capitalizing the rent revenue after deduction of the ground lease rent at 5.43% (average of the last 5 years of the allowed rate in 2015 by the "AFC - Administration Fiscale Cantonale" for commercial real estate located in other construction zoning than "zone de construction 1 & 2").
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Repair costs annuity has increased of +5.1% compared to the last valuation due to the increased of the capex uncompensated by the capex paid in 2016.
For year 2017, the forecasted capex has increased from CHF 400,000.- to CHF 1,070,000.-. A provision of CHF 800,000.- has been added for a new heating installation in year 2019 due to the end of the contract with SIG.
The discount rate remains unchanged at 4.9% in order to reflect the yields/returns demanded by the market for such properties.
Consequently, the market value as at 31.12.16 of this property is estimated at CHF 144,260,000.-, which represents a decrease of -0.9% compared to the last valuation.
Update as at 31.12.15
The current rental income as at 31.12.15 is CHF 10,835,475.-, which represents an decrease of -0.1% compared to the last valuation. It can be explained by several new rentals (ANTEIS SA, Sitex SA, Cello, R&D Services SA, Ilem SA, etc.) uncompensated by the leaving of AGILENT.
The vacancy rate has decreased from 5.3% to 3% of the current rental income which represents CHF 327,484.-.
The market potential has increased by +0.2% from CHF 10,132,485.- to CHF 10,149,405.- due to the adjustment of storage surfaces (-22 sqm) compensated by the addition of 9 indoor park places.
Running costs have been updated, in particular for property taxes and insurance premium. The tax value has been estimated by capitalizing the rent revenue after deduction of the ground lease rent at 5.642% (average of the last 5 years of the allowed rate in 2014 by the "AFC - Administration Fiscale Cantonale" for commercial real estate located in other construction zoning than "zone de construction 1 & 2").
Repair costs annuity has increased of +1.8% compared to the last valuation due to capex re-scheduling according to information received and capex year 1 has decreased from CHF 1,620,000.- to CHF 1,205,000.-. according to the renovation paid in 2015 for a total of CHF 1'110'000.- with the following breakdown :shutter : CHF 97'000.-, parking repair pahase 1 : CHF 273'000.-, fire safety works (doors) : CHF 270'000.-, fire safety works building : CHF 410'000.- and others such as face lifting to the building and renovation work : CHF 60'000.-.
The discount rate has been changed from 5.0% to 4.9% in order to reflect the yields/returns demanded by the market for such properties.
Consequently, the market value as at 31.12.15 of this property has been estimated at CHF 145,600,000.-, which represents an increase of +0.4% compared to the last valuation.
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Property data (plots, buildings)
Property unit | ||
Property ID | ||
PU Id | 74902 | |
PU reference number (PURN) | ||
PU name | Plan-les-Ouates, Chemin des Aulx 8-18 | |
Owner | ||
Ownership | Leasehold | |
Type | Commercial property | |
Address |
Chemin
des Aulx 8-18
1228 Plan-les-Ouates |
|
Country | Switzerland | |
Coord. [Long./Lat. CH1903] | 496994/113830 |
Land plots | ||||
Buildings | sqm | |||
Plan-les-Ouates, Chemin des Aulx 8-18 | 1 | 22,001 | ||
Total | 1 | 22,001 |
Buildings | ||||
Land plots | BF sqm | |||
CTN | 1 | |||
Total | 1 |
Details for land plot Plan-les-Ouates, Chemin des Aulx 8-18 | ||
Reference number | ||
Name | Plan-les-Ouates, Chemin des Aulx 8-18 | |
Ownership | Leasehold | |
Comments | ||
Owner | Eldista GmbH | |
EGRID | ||
Parcel area [sqm] | 22,001 | |
Coord. [Long./Lat. CH1903] | 496994/113830 | |
Land registry | ||
Local court | Plan-les-Ouates | |
Municipality of land registry | 6633 | |
Name of the corridor | ||
Land registry sheet number | ||
Serial registration number | ||
Plan number | ||
Cadastral no. | 11138 | |
Land registry entry | several | |
Land registry extract date | ||
Planning law | ||
Planning zone | ZDIA - industrial and commercial area | |
Design plan | ZIPLO Master Plan | |
Utilisation potential | ||
Contaminated sites | Not listed | |
Listed building | No | |
Leasehold | ||
Leasehold role | Ground lessee | |
Counter party | State of Geneva | |
Duration | 01.07.1986 until 01.07.2076 |
Details for building CTN | ||
Reference number | ||
Name | CTN | |
EGID | ||
Building category | 1220 Office buildings | |
Address | Chemin des Aulx 8-181228 Plan-les-Ouates | |
Country | Switzerland | |
Coord. [Long./Lat. CH1903] | 496994/113830 | |
Volume (V) | ||
Gross floor area (GFA) | ||
Usable area | ||
Building footprint (BF) | ||
Energy certificate |
Building construction activities | ||
Construction year | Comments | |
1991 | last building completed |
Associated land plot | ||
Land plot | Share of building area | |
Plan-les-Ouates, Chemin des Aulx 8-18 | 100.0% |
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Reference value
Total [CHF] | ||||||
Type | Date | Value Comments | ||||
Building insurance value | 08.03.2007 | 137,988,063 |
Details [CHF] | ||||||||
Transaction price/construction
costs |
Reconstruction/renovation costs | Parking | Hobby room | Other | ||||
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Use-type overview
Use type | Current rent | Market rent | ||||||||||||||||||||||||||
No. | Area | CHF p.a. | Share CHF/sqm | CHF p.a. | Share CHF/sqm | Dev. | ||||||||||||||||||||||
Min | Max | Ø | Min | Max | Ø | CHF/sqm p.a. | ||||||||||||||||||||||
Office | ||||||||||||||||||||||||||||
Target income | 62 | 30,634 | 8,757,685 | 80.3% | 0 | 491 | 286 | 7,964,840 | 79.5% | 260 | 260 | 260 | -9% | |||||||||||||||
Vacancy | 8 | 2,157 | 4.9% | 0 | 491 | 197 | 6.5% | 34% | ||||||||||||||||||||
Actual rental income | 54 | 28,477 | 8,331,808 | 212 | 325 | 293 | 7,447,125 | -11% | ||||||||||||||||||||
Indoor parking | ||||||||||||||||||||||||||||
Target income | 709 | 0 | 1,384,165 | 12.7% | 1,337,760 | 13.3% | -3% | |||||||||||||||||||||
Vacancy | 30 | 0 | 5.3% | 5.1% | -5% | |||||||||||||||||||||||
Actual rental income | 679 | 0 | 1,310,485 | 1,270,152 | -3% | |||||||||||||||||||||||
Warehousing | ||||||||||||||||||||||||||||
Target income | 54 | 3,230 | 401,653 | 3.7% | 0 | 300 | 124 | 387,600 | 3.9% | 120 | 120 | 120 | -3% | |||||||||||||||
Vacancy | 5 | 626 | 24.2% | 104 | 180 | 155 | 10.0% | -59% | ||||||||||||||||||||
Actual rental income | 49 | 2,604 | 304,447 | 0 | 300 | 117 | 348,840 | 15% | ||||||||||||||||||||
Outdoor parking | ||||||||||||||||||||||||||||
Target income | 126 | 0 | 202,188 | 1.9% | 157,560 | 1.6% | -22% | |||||||||||||||||||||
Vacancy | 33 | 0 | 10.1% | 9.9% | -2% | |||||||||||||||||||||||
Actual rental income | 93 | 0 | 181,788 | 141,960 | -22% |
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Use type | Current rent | Market rent | ||||||||||||||||||||||||||
No. | Area | CHF p.a. | Share CHF/sqm | CHF p.a. | Share CHF/sqm | Dev. | ||||||||||||||||||||||
Min | Max | Ø | Min | Max | Ø | CHF/sqm p.a. | ||||||||||||||||||||||
Gastronomy | ||||||||||||||||||||||||||||
Target income | 2 | 547 | 91,346 | 0.8% | 167 | 167 | 167 | 109,400 | 1.1% | 200 | 200 | 200 | 20% | |||||||||||||||
Vacancy | 0.0% | 6.0% | 100% | |||||||||||||||||||||||||
Actual rental income | 2 | 547 | 91,346 | 167 | 167 | 167 | 102,836 | 13% | ||||||||||||||||||||
Hotel | ||||||||||||||||||||||||||||
Target income | 3 | 430 | 71,172 | 0.7% | 165 | 166 | 166 | 66,650 | 0.7% | 155 | 155 | 155 | -6% | |||||||||||||||
Vacancy | 0.0% | 6.0% | 100% | |||||||||||||||||||||||||
Actual rental income | 3 | 430 | 71,172 | 165 | 166 | 166 | 62,651 | -12% | ||||||||||||||||||||
Total | ||||||||||||||||||||||||||||
Target income | 956 | 34,841 | 10,908,209 | 100.0% | 0 | 491 | 313 | 10,023,810 | 100.0% | 120 | 260 | 288 | -8% | Legend: | ||||||||||||||
Vacancy | 76 | 2,783 | 617,163 | 5.7% | 0 | 491 | 222 | 650,246 | 6.5% | 5% | Red marking = Min, Ø, Max Market rent | |||||||||||||||||
Actual rental income | 880 | 32,058 | 10,291,046 | 94.3% | 0 | 325 | 321 | 9,373,564 | 93.5% | -9% | Green marking = Min, Ø, Max Current rent | |||||||||||||||||
Blue = Quantiles municipality/city quarter |
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Area list
Rental unit | Current rent | Market rent | Δ | Current lease agreement | |||||||||||||||||||||||||||||||||||||||||
Ref. No. | Tenant name | Floor | UT | No. | Ro |
Area
[sqm] |
CHF p.a. |
Unit/month
[CHF] |
per
sqm
[CHF] |
CHF p.a. |
Unit/month
[CHF] |
Q. |
per
sqm
[CHF] |
Q. | Vacant |
Trans.
[a] |
Dev. | Start | End |
Early
break/1st notice |
Options
real/false |
Index | |||||||||||||||||||||||
Acqiris SA | 1 | O | 1 | 1,478 | 425,664 | 35,472 | 288 | 384,280 | 32,023 | 260 | 35% | 6.5% | 0.00 | -10% | 01.09.17 | 31.12.21 | 100% | ||||||||||||||||||||||||||||
Acqiris SA | -1 | IP | 1 | 0 | 1,500 | 125 | 1,920 | 160 | 5.0% | 0.00 | +28% | 01.09.17 | 31.12.21 | 100% | |||||||||||||||||||||||||||||||
Acqiris SA | IP | 33 | 0 | 49,500 | 125 | 63,360 | 160 | 5.0% | 0.00 | +28% | 01.09.17 | 31.12.21 | 100% | ||||||||||||||||||||||||||||||||
Addex Pharma SA | -1 | W | 1 | 66 | 9,240 | 770 | 140 | 7,920 | 660 | 120 | 10.0% | 5.00 | -14% | 01.12.15 | 100% | ||||||||||||||||||||||||||||||
Addex Pharma SA | -2 | W | 1 | 32 | 4,480 | 373 | 140 | 3,840 | 320 | 120 | 10.0% | 5.00 | -14% | 01.12.15 | 100% | ||||||||||||||||||||||||||||||
Amico Lab SA | 0 | O | 1 | 155 | 45,198 | 3,767 | 292 | 40,300 | 3,358 | 260 | 35% | 6.5% | 0.00 | -11% | 01.03.08 | 31.12.25 | 100% | ||||||||||||||||||||||||||||
Amico Lab SA | OP | 3 | 0 | 5,436 | 151 | 4,680 | 130 | 10.0% | 0.00 | -14% | 01.12.19 | 31.12.25 | 100% | ||||||||||||||||||||||||||||||||
Amico Lab SA | OP | 1 | 0 | 2,400 | 200 | 1,560 | 130 | 10.0% | 0.00 | -35% | 01.04.13 | 31.12.25 | 100% | ||||||||||||||||||||||||||||||||
Amico Lab SA | OP | 1 | 0 | 2,400 | 200 | 1,560 | 130 | 10.0% | 0.00 | -35% | 01.10.18 | 31.12.25 | 100% | ||||||||||||||||||||||||||||||||
Amico Lab SA | OP | 1 | 0 | 2,400 | 200 | 1,560 | 130 | 10.0% | 0.00 | -35% | 01.10.18 | 31.12.25 | 100% | ||||||||||||||||||||||||||||||||
Amico Lab SA | OP | 1 | 0 | 2,400 | 200 | 1,560 | 130 | 10.0% | 0.00 | -35% | 01.12.19 | 31.12.25 | 100% | ||||||||||||||||||||||||||||||||
Amico Lab SA | OP | 1 | 0 | 2,400 | 200 | 1,560 | 130 | 10.0% | 0.00 | -35% | 01.12.18 | 31.12.25 | 100% | ||||||||||||||||||||||||||||||||
Anteis SA | 3 | O | 1 | 564 | 177,144 | 14,762 | 314 | 146,640 | 12,220 | 260 | 35% | 6.5% | 0.00 | -17% | 01.10.07 | 31.12.25 | 100% | ||||||||||||||||||||||||||||
Anteis SA | 0 | O | 1 | 620 | 171,312 | 14,276 | 276 | 161,200 | 13,433 | 260 | 35% | 6.5% | 0.00 | -6% | 01.09.08 | 31.12.25 | 100% | ||||||||||||||||||||||||||||
Anteis SA | -2 | IP | 2 | 0 | 3,624 | 151 | 3,840 | 160 | 5.0% | 0.00 | +6% | 01.01.18 | 31.12.25 | 100% | |||||||||||||||||||||||||||||||
Anteis SA | -2 | IP | 1 | 0 | 1,812 | 151 | 1,920 | 160 | 5.0% | 0.00 | +6% | 01.01.18 | 31.12.25 | 100% | |||||||||||||||||||||||||||||||
Anteis SA | -2 | IP | 10 | 0 | 18,108 | 151 | 19,200 | 160 | 5.0% | 0.00 | +6% | 01.10.05 | 31.12.25 | 100% | |||||||||||||||||||||||||||||||
Anteis SA | -1 | IP | 1 | 0 | 1,740 | 145 | 1,920 | 160 | 5.0% | 0.00 | +10% | 16.05.07 | 31.12.25 | 100% | |||||||||||||||||||||||||||||||
Anteis SA | -1 | IP | 10 | 0 | 17,460 | 146 | 19,200 | 160 | 5.0% | 0.00 | +10% | 16.05.07 | 31.12.25 | 100% | |||||||||||||||||||||||||||||||
Anteis SA | -2 | W | 1 | 81 | 12,048 | 1,004 | 149 | 9,720 | 810 | 120 | 10.0% | 0.00 | -19% | 16.05.07 | 31.12.25 | 100% | |||||||||||||||||||||||||||||
Anteis SA | 1 | O | 1 | 498 | 129,480 | 10,790 | 260 | 129,480 | 10,790 | 260 | 35% | 6.5% | 0.00 | +0% | 01.12.15 | 28.02.21 | 100% | ||||||||||||||||||||||||||||
Anteis SA | -2 | IP | 5 | 0 | 12,000 | 200 | 9,600 | 160 | 5.0% | 0.00 | -20% | 01.12.15 | 28.02.21 | 100% | |||||||||||||||||||||||||||||||
Anura Associates SA | 0 | O | 1 | 81 | 23,490 | 1,958 | 290 | 21,060 | 1,755 | 260 | 35% | 6.5% | 0.00 | -10% | 15.11.17 | 30.09.22 | 100% | ||||||||||||||||||||||||||||
Anura Associates SA | -1 | IP | 2 | 0 | 4,800 | 200 | 3,840 | 160 | 5.0% | 0.00 | -20% | 15.10.17 | 30.09.22 | 100% | |||||||||||||||||||||||||||||||
Anura Associates SA | -1 | IP | 2 | 0 | 4,800 | 200 | 3,840 | 160 | 5.0% | 0.00 | -20% | 15.10.17 | 30.09.22 | 100% | |||||||||||||||||||||||||||||||
Anura Associates SA | -1 | IP | 2 | 0 | 4,800 | 200 | 3,840 | 160 | 5.0% | 5.00 | -20% | 15.10.17 | 100% | ||||||||||||||||||||||||||||||||
Epithelix S.a.r.l. | -1 | IP | 1 | 0 | 2,400 | 200 | 1,920 | 160 | 5.0% | 0.00 | -20% | 01.07.20 | 30.04.22 | 100% | |||||||||||||||||||||||||||||||
Cramatte Cédric | -2 | W | 1 | 62 | 3,600 | 300 | 58 | 7,440 | 620 | 120 | 10.0% | 5.00 | +107% | 01.02.19 | 100% | ||||||||||||||||||||||||||||||
DFI Services SA | 2 | O | 1 | 616 | 184,800 | 15,400 | 300 | 160,160 | 13,347 | 260 | 35% | 6.5% | 0.00 | -13% | 01.02.17 | 31.01.27 | 100% | ||||||||||||||||||||||||||||
DFI Services SA | -1 | IP | 3 | 0 | 1,080 | 30 | 720 | 20 | 15.0% | 0.00 | -33% | 01.02.17 | 31.01.27 | 100% | |||||||||||||||||||||||||||||||
DFI Services SA | IP | 21 | 0 | 50,400 | 200 | 40,320 | 160 | 5.0% | 0.00 | -20% | 01.02.17 | 31.01.27 | 100% | ||||||||||||||||||||||||||||||||
DFI Services SA | OP | 1 | 0 | 2,400 | 200 | 1,560 | 130 | 10.0% | 0.00 | -35% | 01.02.17 | 31.01.27 | 100% | ||||||||||||||||||||||||||||||||
DFI Services SA | -1 | IP | 3 | 0 | 1,080 | 30 | 1,080 | 30 | 15.0% | 0.00 | +0% | 01.01.17 | 31.01.27 | 100% | |||||||||||||||||||||||||||||||
DFI Services SA | -1 | IP | 2 | 0 | 720 | 30 | 720 | 30 | 15.0% | 0.00 | +0% | 01.10.17 | 31.01.27 | 100% | |||||||||||||||||||||||||||||||
DFI Services SA | OP | 2 | 0 | 5,280 | 220 | 3,120 | 130 | 10.0% | 5.00 | -41% | 01.04.19 | 100% | |||||||||||||||||||||||||||||||||
DFI Services SA | -2 | W | 1 | 36 | 5,550 | 463 | 154 | 4,320 | 360 | 120 | 10.0% | 5.00 | -22% | 01.05.19 | 100% | ||||||||||||||||||||||||||||||
Epithelix S.a.r.l. | -1 | IP | 1 | 0 | 2,400 | 200 | 1,920 | 160 | 5.0% | 0.00 | -20% | 01.07.20 | 30.04.22 | 100% | |||||||||||||||||||||||||||||||
Swedish Orphan Biovitrum AG | 0 | O | 1 | 524 | 144,504 | 12,042 | 276 | 136,240 | 11,353 | 260 | 35% | 6.5% | 0.00 | -6% | 10.07.19 | 31.12.23 | 100% | ||||||||||||||||||||||||||||
Swedish Orphan Biovitrum AG | 0 | O | 1 | 622 | 201,900 | 16,825 | 325 | 161,720 | 13,477 | 260 | 35% | 6.5% | 0.00 | -20% | 10.07.19 | 31.12.23 | 100% | ||||||||||||||||||||||||||||
Swedish Orphan Biovitrum AG | 2 | O | 1 | 930 | 288,300 | 24,025 | 310 | 241,800 | 20,150 | 260 | 35% | 6.5% | 0.00 | -16% | 10.07.19 | 31.12.23 | 100% |
102688.2001 | 101-4423-115 | Plan-les-Ouates, Chemin des Aulx 8-18 | Created by Wüest Partner, 21.12.2020 | Page 16 of 45 |
Wüest Dimensions - Business intelligence by Wüest Partner |
Rental unit | Current rent | Market rent | Δ | Current lease agreement | |||||||||||||||||||||||||||||||||||||||||
Ref. No. | Tenant name | Floor | UT | No. | Ro |
Area
[sqm] |
CHF p.a. |
Unit/month
[CHF] |
per
sqm
[CHF] |
CHF p.a. |
Unit/month
[CHF] |
Q. |
per
sqm
[CHF] |
Q. | Vacant |
Trans.
[a] |
Dev. | Start | End |
Early
break/1st notice |
Options
real/false |
Index | |||||||||||||||||||||||
Swedish Orphan Biovitrum AG | -1 | W | 1 | 33 | 5,445 | 454 | 165 | 3,960 | 330 | 120 | 10.0% | 0.00 | -27% | 10.07.19 | 31.12.23 | 100% | |||||||||||||||||||||||||||||
Swedish Orphan Biovitrum AG | -1 | W | 1 | 34 | 5,244 | 437 | 154 | 4,080 | 340 | 120 | 10.0% | 0.00 | -22% | 10.07.19 | 31.12.23 | 100% | |||||||||||||||||||||||||||||
Swedish Orphan Biovitrum AG | -2 | W | 1 | 35 | 5,400 | 450 | 154 | 4,200 | 350 | 120 | 10.0% | 0.00 | -22% | 10.07.19 | 31.12.23 | 100% | |||||||||||||||||||||||||||||
Swedish Orphan Biovitrum AG | -1 | W | 1 | 38 | 5,548 | 462 | 146 | 4,560 | 380 | 120 | 10.0% | 0.00 | -18% | 10.07.19 | 31.12.23 | 100% | |||||||||||||||||||||||||||||
Swedish Orphan Biovitrum AG | -1 | W | 1 | 114 | 18,810 | 1,568 | 165 | 13,680 | 1,140 | 120 | 10.0% | 0.00 | -27% | 01.08.20 | 31.03.24 | 100% | |||||||||||||||||||||||||||||
Swedish Orphan Biovitrum AG | -2 | IP | 3 | 0 | 6,996 | 194 | 5,760 | 160 | 5.0% | 0.00 | -18% | 10.07.19 | 31.12.23 | 100% | |||||||||||||||||||||||||||||||
Swedish Orphan Biovitrum AG | IP | 18 | 0 | 43,200 | 200 | 34,560 | 160 | 5.0% | 0.00 | -20% | 10.07.19 | 31.12.23 | 100% | ||||||||||||||||||||||||||||||||
Swedish Orphan Biovitrum AG | IP | 9 | 0 | 19,704 | 182 | 17,280 | 160 | 5.0% | 0.00 | -12% | 10.07.19 | 31.12.23 | 100% | ||||||||||||||||||||||||||||||||
Swedish Orphan Biovitrum AG | -1 | IP | 1 | 0 | 2,184 | 182 | 1,920 | 160 | 5.0% | 0.00 | -12% | 10.07.19 | 31.12.23 | 100% | |||||||||||||||||||||||||||||||
Swedish Orphan Biovitrum AG | -1 | IP | 12 | 0 | 26,064 | 181 | 23,040 | 160 | 5.0% | 0.00 | -12% | 10.07.19 | 31.12.23 | 100% | |||||||||||||||||||||||||||||||
Swedish Orphan Biovitrum AG | -1 | IP | 1 | 0 | 1,464 | 122 | 1,920 | 160 | 5.0% | 0.00 | +31% | 10.07.19 | 31.12.23 | 100% | |||||||||||||||||||||||||||||||
Swedish Orphan Biovitrum AG | -1 | IP | 1 | 0 | 1,464 | 122 | 1,920 | 160 | 5.0% | 0.00 | +31% | 10.07.19 | 31.12.23 | 100% | |||||||||||||||||||||||||||||||
Swedish Orphan Biovitrum AG | IP | 35 | 0 | 51,240 | 122 | 67,200 | 160 | 5.0% | 0.00 | +31% | 10.07.19 | 31.12.23 | 100% | ||||||||||||||||||||||||||||||||
Epic Restaurant AG | 1 | G | 1 | 80 | 13,360 | 1,113 | 167 | 16,000 | 1,333 | 200 | 6.0% | 0.00 | +20% | 01.11.07 | 31.10.22 | 100% | |||||||||||||||||||||||||||||
Epic Restaurant AG | 0 | G | 1 | 467 | 77,987 | 6,499 | 167 | 93,400 | 7,783 | 200 | 6.0% | 0.00 | +20% | 01.11.07 | 31.10.22 | 100% | |||||||||||||||||||||||||||||
Epic Restaurant AG | -1 | W | 1 | 256 | 16,654 | 1,388 | 65 | 30,720 | 2,560 | 120 | 10.0% | 0.00 | +84% | 01.11.07 | 31.10.22 | 100% | |||||||||||||||||||||||||||||
Epic Restaurant AG | OP | 1 | 0 | 1,800 | 150 | 1,560 | 130 | 10.0% | 0.00 | -13% | 16.01.08 | 30.09.21 | 100% | ||||||||||||||||||||||||||||||||
Epic Restaurant AG | OP | 2 | 0 | 4,800 | 200 | 3,120 | 130 | 10.0% | 0.00 | -35% | 01.10.13 | 30.09.21 | 100% | ||||||||||||||||||||||||||||||||
Epithelix S.a.r.l. | 3 | O | 1 | 406 | 119,400 | 9,950 | 294 | 105,560 | 8,797 | 260 | 35% | 6.5% | 0.00 | -12% | 01.05.17 | 28.02.22 | 100% | ||||||||||||||||||||||||||||
Epithelix S.a.r.l. | -1 | IP | 7 | 0 | 16,008 | 191 | 13,440 | 160 | 5.0% | 0.00 | -16% | 01.05.13 | 28.02.22 | 100% | |||||||||||||||||||||||||||||||
Epithelix S.a.r.l. | OP | 2 | 0 | 3,600 | 150 | 3,120 | 130 | 10.0% | 0.00 | -13% | 01.09.17 | 28.02.22 | 100% | ||||||||||||||||||||||||||||||||
Factor Lead SA | O | 1 | 128 | 38,400 | 3,200 | 300 | 33,280 | 2,773 | 260 | 35% | 6.5% | 0.00 | -13% | 01.07.16 | 30.06.21 | 100% | |||||||||||||||||||||||||||||
Factor Lead SA | -1 | IP | 1 | 0 | 2,400 | 200 | 1,920 | 160 | 5.0% | 0.00 | -20% | 01.07.16 | 30.06.21 | 100% | |||||||||||||||||||||||||||||||
Factor Lead SA | OP | 1 | 0 | 2,400 | 200 | 1,560 | 130 | 10.0% | 0.00 | -35% | 01.07.16 | 30.06.21 | 100% | ||||||||||||||||||||||||||||||||
Factor Lead SA | -2 | IP | 2 | 0 | 4,800 | 200 | 3,840 | 160 | 5.0% | 5.00 | -20% | 01.12.17 | 100% | ||||||||||||||||||||||||||||||||
Factor Lead SA | 0 | O | 1 | 48 | 14,400 | 1,200 | 300 | 12,480 | 1,040 | 260 | 35% | 6.5% | 0.00 | -13% | 16.06.18 | 30.06.23 | 100% | ||||||||||||||||||||||||||||
Finastra Switzerland GmbH | 1 | O | 1 | 111 | 30,168 | 2,514 | 272 | 28,860 | 2,405 | 260 | 35% | 6.5% | 0.00 | -4% | 01.02.18 | 31.03.21 | 100% | ||||||||||||||||||||||||||||
Finastra Switzerland GmbH | 1 | O | 1 | 128 | 35,472 | 2,956 | 277 | 33,280 | 2,773 | 260 | 35% | 6.5% | 0.00 | -6% | 01.02.18 | 31.03.21 | 100% | ||||||||||||||||||||||||||||
Finastra Switzerland GmbH | -2 | IP | 10 | 0 | 15,120 | 126 | 19,200 | 160 | 5.0% | 0.00 | +27% | 01.02.18 | 31.03.21 | 100% | |||||||||||||||||||||||||||||||
Fondation Eclosion | 0 | O | 1 | 1,000 | 260,208 | 21,684 | 260 | 260,000 | 21,667 | 260 | 35% | 6.5% | 0.00 | -0% | 01.03.07 | 28.02.22 | 100% | ||||||||||||||||||||||||||||
Fondation Eclosion | -1 | W | 1 | 67 | 9,581 | 798 | 143 | 8,040 | 670 | 120 | 10.0% | 0.00 | -16% | 01.03.17 | 28.02.22 | 100% | |||||||||||||||||||||||||||||
Fondation Eclosion | -2 | IP | 2 | 0 | 3,816 | 159 | 3,840 | 160 | 5.0% | 0.00 | +1% | 01.03.07 | 28.02.22 | 100% | |||||||||||||||||||||||||||||||
Fondation Eclosion | OP | 2 | 0 | 3,600 | 150 | 3,120 | 130 | 10.0% | 0.00 | -13% | 01.08.08 | 28.02.22 | 100% | ||||||||||||||||||||||||||||||||
Fondation Eclosion | -2 | IP | 1 | 0 | 2,400 | 200 | 1,920 | 160 | 5.0% | 5.00 | -20% | 01.04.14 | 100% | ||||||||||||||||||||||||||||||||
Fondation Eclosion | -1 | IP | 1 | 0 | 1,908 | 159 | 1,920 | 160 | 5.0% | 5.00 | +1% | 01.09.17 | 100% | ||||||||||||||||||||||||||||||||
Fondation Eclosion | -2 | IP | 2 | 0 | 3,360 | 140 | 3,840 | 160 | 5.0% | 5.00 | +14% | 01.11.17 | 100% | ||||||||||||||||||||||||||||||||
Fondation Eclosion | -2 | IP | 2 | 0 | 4,800 | 200 | 3,840 | 160 | 5.0% | 5.00 | -20% | 01.11.17 | 100% | ||||||||||||||||||||||||||||||||
Fondation Eclosion | -2 | IP | 1 | 0 | 2,640 | 220 | 1,920 | 160 | 5.0% | 5.00 | -27% | 01.02.19 | 100% | ||||||||||||||||||||||||||||||||
Fongit | 1 | O | 1 | 280 | 73,860 | 6,155 | 264 | 72,800 | 6,067 | 260 | 35% | 6.5% | 0.00 | -1% | 01.11.06 | 31.10.21 | 100% | ||||||||||||||||||||||||||||
KBI Biopharma SA | 1 | O | 1 | 142 | 39,760 | 3,313 | 280 | 36,920 | 3,077 | 260 | 35% | 6.5% | 5.00 | -7% | 01.10.20 | 30.09.2021 | 100% | ||||||||||||||||||||||||||||
KBI Biopharma SA | -2 | IP | 1 | 0 | 2,640 | 220 | 7,680 | 640 | 5.0% | 5.00 | +191% | 01.10.20 | 30.09.2021 | 100% | |||||||||||||||||||||||||||||||
Fongit | -2 | IP | 1 | 0 | 1,356 | 113 | 1,920 | 160 | 5.0% | 0.00 | +42% | 01.04.05 | 31.03.21 | 100% |
102688.2001 | 101-4423-115 | Plan-les-Ouates, Chemin des Aulx 8-18 | Created by Wüest Partner, 21.12.2020 | Page 17 of 45 |
Wüest Dimensions - Business intelligence by Wüest Partner |
Rental unit |
Current rent |
Market rent |
Δ |
Current lease agreement |
|||||||||||||||||||||||||||||||||||||||||
Ref. No. | Tenant name | Floor | UT | No. | Ro |
Area
[sqm] |
CHF p.a. |
Unit/month
|
per
sqm
|
CHF p.a. |
Unit/month
|
Q. |
per
sqm
|
Q. |
Vacant |
Trans.
|
Dev. |
Start |
End |
Early
|
Options
|
Index |
|||||||||||||||||||||||
Fongit | IP | 5 | 0 | 7,092 | 118 | 9,600 | 160 | 5.0% | 0.00 | +35% | 01.04.05 | 31.03.21 | 100% | ||||||||||||||||||||||||||||||||
Fongit | 1 | O | 1 | 582 | 161,592 | 13,466 | 278 | 151,320 | 12,610 | 260 | 35% | 6.5% | 0.00 | -6% | 01.02.07 | 31.01.22 | 100% | ||||||||||||||||||||||||||||
Fongit | 1 | O | 1 | 511 | 108,300 | 9,025 | 212 | 132,860 | 11,072 | 260 | 35% | 6.5% | 0.00 | +23% | 01.05.07 | 30.04.22 | 100% | ||||||||||||||||||||||||||||
Fongit | -1 | W | 1 | 10 | 1,200 | 100 | 120 | 1,200 | 100 | 120 | 10.0% | 0.00 | +0% | 01.05.15 | 30.04.22 | 100% | |||||||||||||||||||||||||||||
Fongit | -1 | W | 1 | 51 | 6,120 | 510 | 120 | 6,120 | 510 | 120 | 10.0% | 0.00 | +0% | 01.05.07 | 30.04.22 | 100% | |||||||||||||||||||||||||||||
Fongit | -2 | IP | 2 | 0 | 3,120 | 130 | 3,840 | 160 | 5.0% | 0.00 | +23% | 01.05.07 | 30.04.22 | 100% | |||||||||||||||||||||||||||||||
Fongit | -1 | IP | 10 | 0 | 14,400 | 120 | 19,200 | 160 | 5.0% | 0.00 | +33% | 01.05.07 | 30.04.22 | 100% | |||||||||||||||||||||||||||||||
Fongit | IP | 7 | 0 | 12,180 | 145 | 13,440 | 160 | 5.0% | 0.00 | +10% | 01.02.07 | 31.01.22 | 100% | ||||||||||||||||||||||||||||||||
Fongit | IP | 5 | 0 | 8,700 | 145 | 9,600 | 160 | 5.0% | 0.00 | +10% | 01.02.07 | 31.01.22 | 100% | ||||||||||||||||||||||||||||||||
Fongit | IP | 5 | 0 | 7,860 | 131 | 9,600 | 160 | 5.0% | 0.00 | +22% | 01.11.00 | 31.10.21 | 100% | ||||||||||||||||||||||||||||||||
Fongit | IP | 3 | 0 | 4,716 | 131 | 5,760 | 160 | 5.0% | 0.00 | +22% | 01.04.05 | 31.10.21 | 100% | ||||||||||||||||||||||||||||||||
GFI International SA | 1 | O | 1 | 202 | 62,620 | 5,218 | 310 | 52,520 | 4,377 | 260 | 35% | 6.5% | 0.00 | -16% | 01.04.11 | 31.03.21 | 100% | ||||||||||||||||||||||||||||
GFI International SA | -2 | IP | 5 | 0 | 12,000 | 200 | 9,600 | 160 | 5.0% | 0.00 | -20% | 01.04.11 | 31.03.21 | 100% | |||||||||||||||||||||||||||||||
■ | -1 | IP | 1 | 0 | 2,640 | 220 | 1,920 | 160 | 5.0% | -27% | |||||||||||||||||||||||||||||||||||
Genkyotex (Suisse) SA | 2 | O | 1 | 281 | 84,300 | 7,025 | 300 | 73,060 | 6,088 | 260 | 35% | 6.5% | 0.00 | -13% | 01.02.11 | 31.01.26 | 100% | ||||||||||||||||||||||||||||
Genkyotex (Suisse) SA | -1 | W | 1 | 67 | 10,050 | 838 | 150 | 8,040 | 670 | 120 | 10.0% | 0.00 | -20% | 01.02.11 | 31.01.26 | 100% | |||||||||||||||||||||||||||||
Genkyotex (Suisse) SA | -2 | IP | 4 | 0 | 8,928 | 186 | 7,680 | 160 | 5.0% | 5.00 | -14% | 01.09.17 | 100% | ||||||||||||||||||||||||||||||||
Genkyotex (Suisse) SA | -1 | IP | 5 | 0 | 12,000 | 200 | 9,600 | 160 | 5.0% | 0.00 | -20% | 01.02.11 | 31.01.26 | 100% | |||||||||||||||||||||||||||||||
Genkyotex (Suisse) SA | -1 | IP | 1 | 0 | 2,400 | 200 | 1,920 | 160 | 5.0% | 5.00 | -20% | 01.10.13 | 100% | ||||||||||||||||||||||||||||||||
HED Technologies Sàrl | 3 | O | 1 | 488 | 151,280 | 12,607 | 310 | 126,880 | 10,573 | 260 | 35% | 6.5% | 0.00 | -16% | 01.06.17 | 28.02.22 | 100% | ||||||||||||||||||||||||||||
HED Technologies Sàrl | -1 | IP | 11 | 0 | 26,400 | 200 | 21,120 | 160 | 5.0% | 0.00 | -20% | 01.09.17 | 28.02.22 | 100% | |||||||||||||||||||||||||||||||
HED Technologies Sàrl | -2 | IP | 1 | 0 | 2,400 | 200 | 1,920 | 160 | 5.0% | 5.00 | -20% | 01.01.18 | 100% | ||||||||||||||||||||||||||||||||
HED Technologies Sàrl | -2 | IP | 1 | 0 | 2,400 | 200 | 1,920 | 160 | 5.0% | 5.00 | -20% | 01.02.18 | 100% | ||||||||||||||||||||||||||||||||
HED Technologies Sàrl | -2 | IP | 1 | 0 | 2,400 | 200 | 1,920 | 160 | 5.0% | 5.00 | -20% | 01.02.18 | 100% | ||||||||||||||||||||||||||||||||
Hermenjat Serigraphie | 0 | O | 1 | 145 | 37,116 | 3,093 | 256 | 37,700 | 3,142 | 260 | 35% | 6.5% | 0.00 | +2% | 01.01.06 | 31.12.25 | 100% | ||||||||||||||||||||||||||||
Hermenjat Serigraphie | -2 | IP | 1 | 0 | 1,488 | 124 | 1,920 | 160 | 5.0% | 0.00 | +29% | 01.01.06 | 31.12.25 | 100% | |||||||||||||||||||||||||||||||
ILEM | 3 | O | 1 | 652 | 156,480 | 13,040 | 240 | 169,520 | 14,127 | 260 | 35% | 6.5% | 0.00 | +8% | 01.04.15 | 31.03.25 | 100% | ||||||||||||||||||||||||||||
ILEM | -2 | IP | 6 | 0 | 14,400 | 200 | 11,520 | 160 | 5.0% | 0.00 | -20% | 01.04.15 | 31.03.25 | 100% | |||||||||||||||||||||||||||||||
ILEM | -2 | IP | 1 | 0 | 2,400 | 200 | 1,920 | 160 | 5.0% | 0.00 | -20% | 01.04.15 | 31.03.25 | 100% | |||||||||||||||||||||||||||||||
ILEM | -2 | IP | 1 | 0 | 2,400 | 200 | 1,920 | 160 | 5.0% | 0.00 | -20% | 01.09.15 | 31.03.25 | 100% | |||||||||||||||||||||||||||||||
ILEM | -2 | IP | 5 | 0 | 12,000 | 200 | 9,600 | 160 | 5.0% | 0.00 | -20% | 01.09.15 | 31.03.25 | 100% | |||||||||||||||||||||||||||||||
ILEM | -2 | IP | 2 | 0 | 4,800 | 200 | 3,840 | 160 | 5.0% | 0.00 | -20% | 01.09.17 | 31.03.25 | 100% | |||||||||||||||||||||||||||||||
ILEM | -2 | IP | 1 | 0 | 2,400 | 200 | 1,920 | 160 | 5.0% | 0.00 | -20% | 01.11.17 | 31.03.25 | 100% | |||||||||||||||||||||||||||||||
ILEM | -2 | IP | 1 | 0 | 2,400 | 200 | 1,920 | 160 | 5.0% | 5.00 | -20% | 01.04.15 | 100% | ||||||||||||||||||||||||||||||||
ILEM | -2 | IP | 1 | 0 | 2,400 | 200 | 1,920 | 160 | 5.0% | 5.00 | -20% | 01.04.15 | 100% | ||||||||||||||||||||||||||||||||
ILEM | -2 | IP | 2 | 0 | 4,800 | 200 | 3,840 | 160 | 5.0% | 5.00 | -20% | 01.04.15 | 100% | ||||||||||||||||||||||||||||||||
ILEM | -1 | W | 1 | 30 | 5,400 | 450 | 180 | 3,600 | 300 | 120 | 10.0% | 5.00 | -33% | 01.01.16 | 100% | ||||||||||||||||||||||||||||||
Iline Daria | 2 | W | 1 | 1 | 300 | 25 | 300 | 120 | 10 | 120 | 10.0% | 5.00 | -60% | 01.04.19 | 100% | ||||||||||||||||||||||||||||||
LEM INTERNATIONAL SA | O | 1 | 7,698 | 2,392,416 | 199,368 | 311 | 2,001,480 | 166,790 | 260 | 35% | 6.5% | 0.00 | -16% | 01.04.05 | 31.03.22 | 100% | |||||||||||||||||||||||||||||
LEM INTERNATIONAL SA | -2 | W | 1 | 314 | 33,312 | 2,776 | 106 | 37,680 | 3,140 | 120 | 10.0% | 0.00 | +13% | 01.04.05 | 31.03.22 | 100% | |||||||||||||||||||||||||||||
LEM INTERNATIONAL SA | IP | 154 | 0 | 288,288 | 156 | 295,680 | 160 | 5.0% | 0.00 | +3% | 01.04.05 | 31.03.22 | 100% | ||||||||||||||||||||||||||||||||
LEM INTERNATIONAL SA | -1 | W | 1 | 90 | 11,280 | 940 | 125 | 10,800 | 900 | 120 | 10.0% | 0.00 | -4% | 01.01.06 | 01.01.21 | 100% |
102688.2001 | 101-4423-115 | Plan-les-Ouates, Chemin des Aulx 8-18 | Created by Wüest Partner, 21.12.2020 | Page 18 of 45 |
Wüest Dimensions - Business intelligence by Wüest Partner |
Rental unit |
Current rent |
Market rent |
Δ |
Current lease agreement |
|||||||||||||||||||||||||||||||||||||||||
Ref. No. | Tenant name | Floor | UT | No. | Ro |
Area
[sqm] |
CHF p.a. |
Unit/month
|
per
sqm
|
CHF p.a. |
Unit/month
|
Q. |
per
sqm
|
Q. |
Vacant |
Trans.
|
Dev. |
Start |
End |
Early
|
Options
|
Index |
|||||||||||||||||||||||
LEM INTERNATIONAL SA | -2 | W | 1 | 224 | 23,676 | 1,973 | 106 | 26,880 | 2,240 | 120 | 10.0% | 0.00 | +14% | 01.04.05 | 31.03.22 | 100% | |||||||||||||||||||||||||||||
LEM INTERNATIONAL SA | -2 | IP | 17 | 0 | 32,028 | 157 | 32,640 | 160 | 5.0% | 0.00 | +2% | 01.04.05 | 31.03.22 | 100% | |||||||||||||||||||||||||||||||
LEM INTERNATIONAL SA | OP | 4 | 0 | 7,248 | 151 | 6,240 | 130 | 10.0% | 0.00 | -14% | 01.09.06 | 31.03.22 | 100% | ||||||||||||||||||||||||||||||||
LEM INTERNATIONAL SA | OP | 25 | 0 | 31,500 | 105 | 39,000 | 130 | 10.0% | 0.00 | +24% | 01.04.05 | 31.03.22 | 100% | ||||||||||||||||||||||||||||||||
LEM INTERNATIONAL SA | -2 | W | 1 | 38 | 3,996 | 333 | 105 | 4,560 | 380 | 120 | 10.0% | 0.00 | +14% | 01.04.05 | 31.03.22 | 100% | |||||||||||||||||||||||||||||
LEM INTERNATIONAL SA | IP | 11 | 0 | 26,400 | 200 | 21,120 | 160 | 5.0% | 0.00 | -20% | 01.03.12 | 31.03.22 | 100% | ||||||||||||||||||||||||||||||||
LEM INTERNATIONAL SA | OP | 4 | 0 | 8,412 | 175 | 6,240 | 130 | 10.0% | 0.00 | -26% | 01.04.05 | 31.03.22 | 100% | ||||||||||||||||||||||||||||||||
Lanier Cyril | -2 | W | 1 | 5 | 600 | 50 | 120 | 600 | 50 | 120 | 10.0% | 5.00 | +0% | 01.01.03 | 100% | ||||||||||||||||||||||||||||||
■ | 2 | O | 1 | 574 | 0 | 0 | 0 | 149,240 | 12,437 | 260 | 35% | 6.5% | |||||||||||||||||||||||||||||||||
■ | 3 | O | 1 | 35 | 10,325 | 860 | 295 | 9,100 | 758 | 260 | 35% | 6.5% | -12% | ||||||||||||||||||||||||||||||||
■ | 2 | O | 1 | 940 | 235,000 | 19,583 | 250 | 244,400 | 20,367 | 260 | 35% | 6.5% | +4% | ||||||||||||||||||||||||||||||||
■ | 2 | O | 1 | 11 | 5,400 | 450 | 491 | 2,860 | 238 | 260 | 35% | 6.5% | -47% | ||||||||||||||||||||||||||||||||
■ | 0 | O | 1 | 209 | 83,100 | 6,925 | 398 | 54,340 | 4,528 | 260 | 35% | 6.5% | -35% | ||||||||||||||||||||||||||||||||
■ | 2 | O | 1 | 36 | 8,880 | 740 | 247 | 9,360 | 780 | 260 | 35% | 6.5% | +5% | ||||||||||||||||||||||||||||||||
■ | 2 | O | 1 | 43 | 6,072 | 506 | 141 | 11,180 | 932 | 260 | 35% | 6.5% | +84% | ||||||||||||||||||||||||||||||||
■ | 2 | O | 1 | 309 | 77,100 | 6,425 | 250 | 80,340 | 6,695 | 260 | 35% | 6.5% | +4% | ||||||||||||||||||||||||||||||||
Omnitec SA | 0 | O | 1 | 208 | 56,160 | 4,680 | 270 | 54,080 | 4,507 | 260 | 35% | 6.5% | 0.00 | -4% | 01.10.20 | 30.09.25 | 100% | ||||||||||||||||||||||||||||
■ | -1 | W | 1 | 15 | 2,700 | 225 | 180 | 1,800 | 150 | 120 | 10.0% | -33% | |||||||||||||||||||||||||||||||||
■ | -2 | W | 1 | 30 | 5,400 | 450 | 180 | 3,600 | 300 | 120 | 10.0% | -33% | |||||||||||||||||||||||||||||||||
PhytoXtract SA | -1 | W | 1 | 25 | 1,800 | 150 | 72 | 3,000 | 250 | 120 | 10.0% | 0.00 | +67% | 01.07.20 | 30.06.21 | 100% | |||||||||||||||||||||||||||||
■ | -1 | W | 1 | 75 | 12,750 | 1,063 | 170 | 9,000 | 750 | 120 | 10.0% | -29% | |||||||||||||||||||||||||||||||||
■ | -1 | W | 1 | 360 | 61,200 | 5,100 | 170 | 43,200 | 3,600 | 120 | 10.0% | -29% | |||||||||||||||||||||||||||||||||
Factor Lead SA | -1 | W | 1 | 7 | 0 | 0 | 0 | 840 | 70 | 120 | 10.0% | 0.00 | 01.11.19 | 30.06.23 | 100% | ||||||||||||||||||||||||||||||
■ | -1 | W | 1 | 146 | 15,156 | 1,263 | 104 | 17,520 | 1,460 | 120 | 10.0% | +16% | |||||||||||||||||||||||||||||||||
■ | -1 | IP | 3 | 0 | 7,440 | 207 | 1,080 | 30 | 15.0% | -85% | |||||||||||||||||||||||||||||||||||
■ | -1 | IP | 1 | 0 | 2,640 | 220 | 1,920 | 160 | 5.0% | -27% | |||||||||||||||||||||||||||||||||||
■ | -2 | IP | 1 | 0 | 2,640 | 220 | 9,600 | 800 | 5.0% | +264% | |||||||||||||||||||||||||||||||||||
■ | -1 | IP | 2 | 0 | 6,000 | 250 | 1,920 | 80 | 5.0% | -68% | |||||||||||||||||||||||||||||||||||
■ | IP | 22 | 0 | 52,320 | 198 | 46,080 | 175 | 5.0% | -12% | ||||||||||||||||||||||||||||||||||||
■ | OP | 25 | 0 | 0 | 0 | 0 | 0 | 10.0% | |||||||||||||||||||||||||||||||||||||
■ | OP | 2 | 0 | 5,280 | 220 | 3,120 | 130 | 10.0% | -41% | ||||||||||||||||||||||||||||||||||||
■ | OP | 5 | 0 | 12,720 | 212 | 7,800 | 130 | 10.0% | -39% | ||||||||||||||||||||||||||||||||||||
■ | OP | 1 | 0 | 2,400 | 200 | 1,560 | 130 | 10.0% | -35% | ||||||||||||||||||||||||||||||||||||
Lemsys SA | 0 | O | 1 | 134 | 38,860 | 3,238 | 290 | 34,840 | 2,903 | 260 | 35% | 6.5% | 0.00 | -10% | 01.07.19 | 30.06.27 | 100% | ||||||||||||||||||||||||||||
Lemsys SA | 0 | O | 1 | 449 | 98,780 | 8,232 | 220 | 116,740 | 9,728 | 260 | 35% | 6.5% | 0.00 | +18% | 01.07.19 | 30.06.27 | 100% | ||||||||||||||||||||||||||||
Lemsys SA | -1 | W | 1 | 39 | 5,850 | 488 | 150 | 4,680 | 390 | 120 | 10.0% | 0.00 | -20% | 01.07.19 | 30.06.27 | 100% | |||||||||||||||||||||||||||||
Lemsys SA | -1 | W | 1 | 47 | 7,050 | 588 | 150 | 5,640 | 470 | 120 | 10.0% | 0.00 | -20% | 01.07.19 | 30.06.27 | 100% | |||||||||||||||||||||||||||||
Lemsys SA | -1 | W | 1 | 37 | 4,070 | 339 | 110 | 4,440 | 370 | 120 | 10.0% | 0.00 | +9% | 01.07.19 | 30.06.27 | 100% | |||||||||||||||||||||||||||||
Lemsys SA | -1 | IP | 3 | 0 | 1,080 | 30 | 1,080 | 30 | 15.0% | 0.00 | +0% | 01.07.19 | 30.06.27 | 100% | |||||||||||||||||||||||||||||||
Lemsys SA | IP | 16 | 0 | 26,641 | 139 | 30,720 | 160 | 5.0% | 0.00 | +15% | 01.07.19 | 30.06.27 | 100% | ||||||||||||||||||||||||||||||||
Lemsys SA | OP | 5 | 0 | 13,200 | 220 | 7,800 | 130 | 10.0% | 0.00 | -41% | 01.07.19 | 30.06.27 | 100% | ||||||||||||||||||||||||||||||||
Lemsys SA | 0 | O | 1 | 259 | 77,700 | 6,475 | 300 | 67,340 | 5,612 | 260 | 35% | 6.5% | 0.00 | -13% | 01.07.19 | 30.06.27 | 100% |
102688.2001 | 101-4423-115 | Plan-les-Ouates, Chemin des Aulx 8-18 | Created by Wüest Partner, 21.12.2020 | Page 19 of 45 |
Wüest Dimensions - Business intelligence by Wüest Partner |
Rental unit |
Current rent |
Market rent |
Δ |
Current lease agreement |
|||||||||||||||||||||||||||||||||||||||||
Ref. No. | Tenant name | Floor | UT | No. | Ro |
Area
[sqm] |
CHF p.a. |
Unit/month
|
per
sqm
|
CHF p.a. |
Unit/month
|
Q. |
per
sqm
|
Q. |
Vacant |
Trans.
|
Dev. |
Start |
End |
Early
|
Options
|
Index |
|||||||||||||||||||||||
Leone Giulio Ferblanterie Sarl | -2 | W | 1 | 35 | 3,600 | 300 | 103 | 4,200 | 350 | 120 | 10.0% | 5.00 | +17% | 01.10.17 | 100% | ||||||||||||||||||||||||||||||
Les Chambres du CTN | 3 | Hot. | 1 | 142 | 23,508 | 1,959 | 166 | 22,010 | 1,834 | 155 | 6.0% | 0.00 | -6% | 01.10.13 | 30.09.23 | 100% | |||||||||||||||||||||||||||||
Les Chambres du CTN | 0 | Hot. | 1 | 9 | 1,488 | 124 | 165 | 1,395 | 116 | 155 | 6.0% | 0.00 | -6% | 01.10.13 | 30.09.23 | 100% | |||||||||||||||||||||||||||||
Les Chambres du CTN | 3 | Hot. | 1 | 279 | 46,176 | 3,848 | 166 | 43,245 | 3,604 | 155 | 6.0% | 0.00 | -6% | 01.10.13 | 30.09.23 | 100% | |||||||||||||||||||||||||||||
NovImmune SA | -1 | IP | 5 | 0 | 10,800 | 180 | 9,600 | 160 | 5.0% | 0.00 | -11% | 01.04.09 | 31.12.23 | 100% | |||||||||||||||||||||||||||||||
NovImmune SA | 1 | O | 1 | 2,164 | 627,564 | 52,297 | 290 | 562,640 | 46,887 | 260 | 35% | 6.5% | 0.00 | -10% | 01.01.07 | 31.12.23 | 100% | ||||||||||||||||||||||||||||
NovImmune SA | -1 | IP | 28 | 0 | 41,064 | 122 | 53,760 | 160 | 5.0% | 0.00 | +31% | 01.01.07 | 31.12.23 | 100% | |||||||||||||||||||||||||||||||
NovImmune SA | 1 | O | 1 | 190 | 49,752 | 4,146 | 262 | 49,400 | 4,117 | 260 | 35% | 6.5% | 0.00 | -1% | 01.02.06 | 30.04.23 | 100% | ||||||||||||||||||||||||||||
NovImmune SA | -1 | IP | 2 | 0 | 2,952 | 123 | 3,840 | 160 | 5.0% | 0.00 | +30% | 01.02.06 | 30.04.23 | 100% | |||||||||||||||||||||||||||||||
NovImmune SA | -1 | IP | 1 | 0 | 2,640 | 220 | 1,920 | 160 | 5.0% | 5.00 | -27% | 15.08.19 | 100% | ||||||||||||||||||||||||||||||||
NovImmune SA | IP | 4 | 0 | 9,600 | 200 | 7,680 | 160 | 5.0% | 0.00 | -20% | 01.11.13 | 31.12.23 | 100% | ||||||||||||||||||||||||||||||||
NovImmune SA | -1 | IP | 1 | 0 | 2,400 | 200 | 1,920 | 160 | 5.0% | 0.00 | -20% | 01.09.17 | 31.12.23 | 100% | |||||||||||||||||||||||||||||||
NovImmune SA | -2 | W | 1 | 66 | 10,890 | 908 | 165 | 7,920 | 660 | 120 | 10.0% | 0.00 | -27% | 01.01.19 | 31.12.23 | 100% | |||||||||||||||||||||||||||||
Swedish Orphan Biovitrum AG | 2 | O | 1 | 526 | 157,800 | 13,150 | 300 | 136,760 | 11,397 | 260 | 35% | 6.5% | 0.00 | -13% | 01.04.20 | 30.04.24 | 100% | ||||||||||||||||||||||||||||
ObsEva SA | -2 | IP | 2 | 0 | 4,800 | 200 | 3,840 | 160 | 5.0% | 5.00 | -20% | 01.09.15 | 100% | ||||||||||||||||||||||||||||||||
ObsEva SA | 2 | O | 1 | 536 | 160,800 | 13,400 | 300 | 139,360 | 11,613 | 260 | 35% | 6.5% | 0.00 | -13% | 01.07.13 | 30.06.23 | 100% | ||||||||||||||||||||||||||||
ObsEva SA | O | 1 | 61 | 18,300 | 1,525 | 300 | 15,860 | 1,322 | 260 | 35% | 6.5% | 0.00 | -13% | 01.01.15 | 30.06.23 | 100% | |||||||||||||||||||||||||||||
ObsEva SA | 2 | O | 1 | 86 | 26,660 | 2,222 | 310 | 22,360 | 1,863 | 260 | 35% | 6.5% | 0.00 | -16% | 01.06.17 | 30.06.23 | 100% | ||||||||||||||||||||||||||||
ObsEva SA | -2 | IP | 10 | 0 | 24,600 | 205 | 19,200 | 160 | 5.0% | 0.00 | -22% | 01.07.13 | 30.06.23 | 100% | |||||||||||||||||||||||||||||||
ObsEva SA | OP | 1 | 0 | 2,400 | 200 | 1,560 | 130 | 10.0% | 5.00 | -35% | 01.07.18 | 100% | |||||||||||||||||||||||||||||||||
ObsEva SA | -2 | IP | 1 | 0 | 2,400 | 200 | 1,920 | 160 | 5.0% | 5.00 | -20% | 01.06.17 | 100% | ||||||||||||||||||||||||||||||||
ObsEva SA | 3 | O | 1 | 405 | 121,500 | 10,125 | 300 | 105,300 | 8,775 | 260 | 35% | 6.5% | 0.00 | -13% | 11.09.18 | 30.06.23 | 100% | ||||||||||||||||||||||||||||
ObsEva SA | -2 | IP | 9 | 0 | 21,600 | 200 | 17,280 | 160 | 5.0% | 0.00 | -20% | 01.07.13 | 30.06.23 | 100% | |||||||||||||||||||||||||||||||
ObsEva SA | -2 | IP | 1 | 0 | 2,400 | 200 | 1,920 | 160 | 5.0% | 5.00 | -20% | 01.07.18 | 100% | ||||||||||||||||||||||||||||||||
ObsEva SA | OP | 1 | 0 | 2,400 | 200 | 1,560 | 130 | 10.0% | 0.00 | -35% | 01.06.16 | 30.06.23 | 100% | ||||||||||||||||||||||||||||||||
Omnitec SA | -2 | W | 1 | 18 | 1,584 | 132 | 88 | 2,160 | 180 | 120 | 10.0% | 0.00 | +36% | 01.11.06 | 31.10.21 | 100% | |||||||||||||||||||||||||||||
Omnitec SA | -2 | W | 1 | 32 | 5,760 | 480 | 180 | 3,840 | 320 | 120 | 10.0% | 0.00 | -33% | 01.01.14 | 31.12.21 | 100% | |||||||||||||||||||||||||||||
PhytoXtract SA | -1 | W | 1 | 25 | 3,750 | 313 | 150 | 3,000 | 250 | 120 | 10.0% | 0.00 | -20% | 01.05.17 | 30.04.21 | 100% | |||||||||||||||||||||||||||||
Epithelix S.a.r.l. | 3 | O | 1 | 94 | 29,760 | 2,480 | 317 | 24,440 | 2,037 | 260 | 35% | 6.5% | 0.00 | -18% | 01.07.20 | 30.04.22 | 100% | ||||||||||||||||||||||||||||
Plair SA | -2 | W | 1 | 19 | 3,420 | 285 | 180 | 2,280 | 190 | 120 | 10.0% | 5.00 | -33% | 01.12.17 | 100% | ||||||||||||||||||||||||||||||
Sitex SA | -1 | IP | 2 | 0 | 4,800 | 200 | 3,840 | 160 | 5.0% | 0.00 | -20% | 01.08.20 | 30.11.24 | 100% | |||||||||||||||||||||||||||||||
Prexton Therapeutics | 2 | O | 1 | 220 | 64,380 | 5,365 | 293 | 57,200 | 4,767 | 260 | 35% | 6.5% | 0.00 | -11% | 16.02.19 | 28.02.24 | 100% | ||||||||||||||||||||||||||||
Prexton Therapeutics | -2 | IP | 6 | 0 | 15,840 | 220 | 11,520 | 160 | 5.0% | 0.00 | -27% | 16.02.19 | 28.02.24 | 100% | |||||||||||||||||||||||||||||||
Prexton Therapeutics | -1 | IP | 2 | 0 | 5,280 | 220 | 3,840 | 160 | 5.0% | 5.00 | -27% | 16.02.19 | 100% | ||||||||||||||||||||||||||||||||
QAD Europe SA | -2 | W | 1 | 7 | 1,050 | 88 | 150 | 840 | 70 | 120 | 10.0% | 0.00 | -20% | 01.05.09 | 30.04.24 | 100% | |||||||||||||||||||||||||||||
René Faigle SA | 2 | O | 1 | 273 | 78,864 | 6,572 | 289 | 70,980 | 5,915 | 260 | 35% | 6.5% | 0.00 | -10% | 01.04.08 | 31.03.23 | 100% | ||||||||||||||||||||||||||||
René Faigle SA | -2 | IP | 2 | 0 | 5,784 | 241 | 3,840 | 160 | 5.0% | 0.00 | -34% | 01.04.08 | 31.03.23 | 100% | |||||||||||||||||||||||||||||||
René Faigle SA | -2 | IP | 1 | 0 | 2,400 | 200 | 1,920 | 160 | 5.0% | 0.00 | -20% | 01.04.09 | 31.03.23 | 100% | |||||||||||||||||||||||||||||||
René Faigle SA | 2 | O | 1 | 71 | 21,300 | 1,775 | 300 | 18,460 | 1,538 | 260 | 35% | 6.5% | 0.00 | -13% | 01.07.13 | 31.03.23 | 100% | ||||||||||||||||||||||||||||
René Faigle SA | -1 | IP | 2 | 0 | 4,800 | 200 | 3,840 | 160 | 5.0% | 0.00 | -20% | 01.07.13 | 31.03.23 | 100% | |||||||||||||||||||||||||||||||
René Faigle SA | OP | 2 | 0 | 4,800 | 200 | 3,120 | 130 | 10.0% | 0.00 | -35% | 01.07.13 | 31.03.23 | 100% | ||||||||||||||||||||||||||||||||
René Faigle SA | -2 | W | 1 | 34 | 4,296 | 358 | 126 | 4,080 | 340 | 120 | 10.0% | 0.00 | -5% | 01.07.17 | 31.03.23 | 100% |
102688.2001 | 101-4423-115 | Plan-les-Ouates, Chemin des Aulx 8-18 | Created by Wüest Partner, 21.12.2020 | Page 20 of 45 |
Wüest Dimensions - Business intelligence by Wüest Partner |
Rental unit |
Current rent |
Market rent |
Δ |
Current lease agreement |
|||||||||||||||||||||||||||||||||||||||||
Ref. No. | Tenant name | Floor | UT | No. | Ro |
Area
[sqm] |
CHF p.a. |
Unit/month
|
per
sqm
|
CHF p.a. |
Unit/month
|
Q. |
per
sqm
|
Q. |
Vacant |
Trans.
|
Dev. |
Start |
End |
Early
|
Options
|
Index |
|||||||||||||||||||||||
René Faigle SA | OP | 2 | 0 | 3,648 | 152 | 3,120 | 130 | 10.0% | 0.00 | -14% | 01.04.08 | 31.03.23 | 100% | ||||||||||||||||||||||||||||||||
René Faigle SA | -2 | W | 1 | 44 | 6,000 | 500 | 136 | 5,280 | 440 | 120 | 10.0% | 0.00 | -12% | 01.04.10 | 31.03.25 | 100% | |||||||||||||||||||||||||||||
René Faigle SA | -2 | IP | 1 | 0 | 2,916 | 243 | 1,920 | 160 | 5.0% | 0.00 | -34% | 01.04.08 | 31.03.25 | 100% | |||||||||||||||||||||||||||||||
René Faigle SA | -1 | IP | 2 | 0 | 4,800 | 200 | 3,840 | 160 | 5.0% | 5.00 | -20% | 01.01.16 | 100% | ||||||||||||||||||||||||||||||||
Sitex MAD SA | 1 | O | 1 | 103 | 30,900 | 2,575 | 300 | 26,780 | 2,232 | 260 | 35% | 6.5% | 0.00 | -13% | 01.12.19 | 30.11.24 | 100% | ||||||||||||||||||||||||||||
Sitex MAD SA | -1 | IP | 3 | 0 | 7,920 | 220 | 5,760 | 160 | 5.0% | 0.00 | -27% | 01.12.19 | 30.11.24 | 100% | |||||||||||||||||||||||||||||||
Omnitec SA | -2 | IP | 1 | 0 | 2,640 | 220 | 1,920 | 160 | 5.0% | 0.00 | -27% | 01.10.20 | 30.09.25 | 100% | |||||||||||||||||||||||||||||||
Selexis SA | -2 | IP | 1 | 0 | 2,640 | 220 | 1,920 | 160 | 5.0% | 5.00 | -27% | 01.01.20 | 100% | ||||||||||||||||||||||||||||||||
SGS M-Scan SA | 3 | O | 1 | 414 | 122,352 | 10,196 | 296 | 107,640 | 8,970 | 260 | 35% | 6.5% | 0.00 | -12% | 01.01.16 | 31.12.21 | 100% | ||||||||||||||||||||||||||||
SGS M-Scan SA | -2 | IP | 11 | 0 | 18,720 | 142 | 21,120 | 160 | 5.0% | 0.00 | +13% | 01.01.07 | 31.12.21 | 100% | |||||||||||||||||||||||||||||||
SGS M-Scan SA | -2 | IP | 2 | 0 | 4,800 | 200 | 3,840 | 160 | 5.0% | 0.00 | -20% | 01.09.12 | 31.12.21 | 100% | |||||||||||||||||||||||||||||||
SGS M-Scan SA | -1 | W | 1 | 9 | 1,080 | 90 | 120 | 1,080 | 90 | 120 | 10.0% | 0.00 | +0% | 01.01.97 | 31.12.21 | 100% | |||||||||||||||||||||||||||||
SGS M-Scan SA | -2 | W | 1 | 55 | 7,236 | 603 | 132 | 6,600 | 550 | 120 | 10.0% | 0.00 | -9% | 01.02.07 | 31.12.21 | 100% | |||||||||||||||||||||||||||||
SGS M-Scan SA | -2 | IP | 1 | 0 | 2,400 | 200 | 1,920 | 160 | 5.0% | 0.00 | -20% | 01.03.13 | 28.02.21 | 100% | |||||||||||||||||||||||||||||||
SGS M-Scan SA | -2 | IP | 2 | 0 | 4,800 | 200 | 3,840 | 160 | 5.0% | 0.00 | -20% | 01.04.13 | 31.03.21 | 100% | |||||||||||||||||||||||||||||||
SGS M-Scan SA | 3 | O | 1 | 146 | 42,348 | 3,529 | 290 | 37,960 | 3,163 | 260 | 35% | 6.5% | 0.00 | -10% | 01.07.13 | 31.05.23 | 100% | ||||||||||||||||||||||||||||
SGS M-Scan SA | 0 | O | 1 | 194 | 56,260 | 4,688 | 290 | 50,440 | 4,203 | 260 | 35% | 6.5% | 0.00 | -10% | 01.10.17 | 30.09.22 | 100% | ||||||||||||||||||||||||||||
SGS M-Scan SA | -1 | IP | 3 | 0 | 7,200 | 200 | 5,760 | 160 | 5.0% | 0.00 | -20% | 01.10.17 | 30.09.22 | 100% | |||||||||||||||||||||||||||||||
Selexis SA | 3 | O | 1 | 542 | 166,226 | 13,852 | 307 | 140,920 | 11,743 | 260 | 35% | 6.5% | 0.00 | -15% | 01.02.17 | 31.01.27 | 100% | ||||||||||||||||||||||||||||
Selexis SA | 2 | O | 1 | 991 | 303,920 | 25,327 | 307 | 257,660 | 21,472 | 260 | 35% | 6.5% | 0.00 | -15% | 01.02.17 | 31.01.27 | 100% | ||||||||||||||||||||||||||||
Selexis SA | -2 | W | 1 | 17 | 3,060 | 255 | 180 | 2,040 | 170 | 120 | 10.0% | 0.00 | -33% | 01.01.11 | 31.01.27 | 100% | |||||||||||||||||||||||||||||
Selexis SA | -2 | IP | 1 | 0 | 2,400 | 200 | 1,920 | 160 | 5.0% | 0.00 | -20% | 01.02.17 | 31.01.27 | 100% | |||||||||||||||||||||||||||||||
Selexis SA | IP | 8 | 0 | 19,200 | 200 | 15,360 | 160 | 5.0% | 0.00 | -20% | 01.02.17 | 31.01.27 | 100% | ||||||||||||||||||||||||||||||||
Selexis SA | -2 | OP | 2 | 0 | 5,280 | 220 | 3,120 | 130 | 10.0% | 5.00 | -41% | 01.11.19 | 100% | ||||||||||||||||||||||||||||||||
Selexis SA | -1 | IP | 3 | 0 | 1,080 | 30 | 1,080 | 30 | 15.0% | 0.00 | +0% | 01.01.17 | 31.01.27 | 100% | |||||||||||||||||||||||||||||||
Selexis SA | -2 | IP | 1 | 0 | 1,650 | 138 | 1,920 | 160 | 5.0% | 0.00 | +16% | 01.09.17 | 31.01.27 | 100% | |||||||||||||||||||||||||||||||
Selexis SA | -2 | IP | 15 | 0 | 24,750 | 138 | 28,800 | 160 | 5.0% | 0.00 | +16% | 01.09.17 | 31.01.27 | 100% | |||||||||||||||||||||||||||||||
Selexis SA | -1 | W | 1 | 38 | 4,296 | 358 | 113 | 4,560 | 380 | 120 | 10.0% | 0.00 | +6% | 01.07.17 | 31.01.27 | 100% | |||||||||||||||||||||||||||||
Selexis SA | -2 | IP | 3 | 0 | 5,700 | 158 | 5,760 | 160 | 5.0% | 0.00 | +1% | 01.11.17 | 31.01.27 | 100% | |||||||||||||||||||||||||||||||
Selexis SA | OP | 2 | 0 | 5,040 | 210 | 3,120 | 130 | 10.0% | 0.00 | -38% | 01.10.18 | 31.01.27 | 100% | ||||||||||||||||||||||||||||||||
Services Industriels de Genéve | -2 | W | 1 | 168 | 1,848 | 154 | 11 | 20,160 | 1,680 | 120 | 10.0% | 0.00 | +991% | 01.09.08 | 31.08.25 | 100% | |||||||||||||||||||||||||||||
Sitex SA | 0 | O | 1 | 325 | 83,472 | 6,956 | 257 | 84,500 | 7,042 | 260 | 35% | 6.5% | 0.00 | +1% | 01.04.07 | 30.11.24 | 100% | ||||||||||||||||||||||||||||
Sitex SA | -1 | W | 1 | 22 | 3,708 | 309 | 169 | 2,640 | 220 | 120 | 10.0% | 0.00 | -29% | 01.04.07 | 30.11.24 | 100% | |||||||||||||||||||||||||||||
Sitex SA | 1 | O | 1 | 79 | 23,700 | 1,975 | 300 | 20,540 | 1,712 | 260 | 35% | 6.5% | 0.00 | -13% | 01.09.15 | 30.11.24 | 100% | ||||||||||||||||||||||||||||
Sitex SA | -1 | IP | 3 | 0 | 4,800 | 133 | 3,840 | 107 | 5.0% | 5.00 | -20% | 01.12.17 | 100% | ||||||||||||||||||||||||||||||||
Sitex SA | -1 | IP | 8 | 0 | 18,480 | 193 | 15,360 | 160 | 5.0% | 0.00 | -17% | 01.04.07 | 31.03.21 | 100% | |||||||||||||||||||||||||||||||
Sitex SA | OP | 3 | 0 | 3,744 | 104 | 4,680 | 130 | 10.0% | 0.00 | +25% | 01.11.07 | 31.01.21 | 100% | ||||||||||||||||||||||||||||||||
Sitex SA | -1 | IP | 4 | 0 | 1,440 | 30 | 1,440 | 30 | 15.0% | 0.00 | +0% | 01.11.07 | 30.11.21 | 100% | |||||||||||||||||||||||||||||||
Sitex SA | OP | 4 | 0 | 9,600 | 200 | 6,240 | 130 | 10.0% | 0.00 | -35% | 01.09.11 | 31.08.21 | 100% | ||||||||||||||||||||||||||||||||
Sitex SA | OP | 3 | 0 | 7,200 | 200 | 4,680 | 130 | 10.0% | 0.00 | -35% | 01.10.13 | 31.08.21 | 100% | ||||||||||||||||||||||||||||||||
Sitex SA | OP | 1 | 0 | 2,400 | 200 | 1,560 | 130 | 10.0% | 0.00 | -35% | 01.10.13 | 31.08.21 | 100% | ||||||||||||||||||||||||||||||||
Sitex SA | OP | 1 | 0 | 2,400 | 200 | 1,560 | 130 | 10.0% | 0.00 | -35% | 01.12.18 | 31.08.21 | 100% |
102688.2001 | 101-4423-115 | Plan-les-Ouates, Chemin des Aulx 8-18 | Created by Wüest Partner, 21.12.2020 | Page 21 of 45 |
Wüest Dimensions - Business intelligence by Wüest Partner |
Rental unit |
Current rent |
Market rent |
Δ |
Current lease agreement |
|||||||||||||||||||||||||||||||||||||||||
Ref. No. | Tenant name | Floor | UT | No. | Ro |
Area
[sqm] |
CHF p.a. |
Unit/month
|
per
sqm
|
CHF p.a. |
Unit/month
|
Q. |
per
sqm
|
Q. |
Vacant |
Trans.
|
Dev. |
Start |
End |
Early
|
Options
|
Index |
|||||||||||||||||||||||
Sitex SA | -1 | IP | 2 | 0 | 4,800 | 200 | 3,840 | 160 | 5.0% | 0.00 | -20% | 01.09.11 | 31.08.21 | 100% | |||||||||||||||||||||||||||||||
Sitex SA | IP | 3 | 0 | 4,800 | 133 | 5,760 | 160 | 5.0% | 0.00 | +20% | 01.05.12 | 30.04.21 | 100% | ||||||||||||||||||||||||||||||||
Sitex SA | -1 | IP | 1 | 0 | 2,400 | 200 | 1,920 | 160 | 5.0% | 0.00 | -20% | 01.09.15 | 30.04.21 | 100% | |||||||||||||||||||||||||||||||
Sitex SA | -1 | W | 1 | 12 | 2,160 | 180 | 180 | 1,440 | 120 | 120 | 10.0% | 0.00 | -33% | 01.10.14 | 30.09.24 | 100% | |||||||||||||||||||||||||||||
Sitex SA | -2 | W | 1 | 55 | 8,800 | 733 | 160 | 6,600 | 550 | 120 | 10.0% | 0.00 | -25% | 01.10.17 | 30.09.24 | 100% | |||||||||||||||||||||||||||||
Sitex SA | W | 1 | 23 | 3,450 | 288 | 150 | 2,760 | 230 | 120 | 10.0% | 0.00 | -20% | 01.07.18 | 30.09.24 | 100% | ||||||||||||||||||||||||||||||
Sitex SA | -1 | IP | 1 | 0 | 2,640 | 220 | 1,920 | 160 | 5.0% | 5.00 | -27% | 01.11.19 | 100% | ||||||||||||||||||||||||||||||||
So Be Cosmetics SA | 2 | O | 1 | 101 | 30,300 | 2,525 | 300 | 26,260 | 2,188 | 260 | 35% | 6.5% | 0.00 | -13% | 01.02.14 | 31.01.24 | 100% | ||||||||||||||||||||||||||||
So Be Cosmetics SA | IP | 4 | 0 | 9,600 | 200 | 7,680 | 160 | 5.0% | 0.00 | -20% | 01.07.08 | 31.01.21 | 100% | ||||||||||||||||||||||||||||||||
Stanley Security S.a.r.l | 0 | O | 1 | 219 | 65,700 | 5,475 | 300 | 56,940 | 4,745 | 260 | 35% | 6.5% | 0.00 | -13% | 01.01.11 | 31.12.25 | 100% | ||||||||||||||||||||||||||||
Stanley Security S.a.r.l | -2 | IP | 4 | 0 | 8,640 | 180 | 7,680 | 160 | 5.0% | 0.00 | -11% | 01.01.11 | 31.12.25 | 100% | |||||||||||||||||||||||||||||||
Stanley Security S.a.r.l | OP | 2 | 0 | 3,600 | 150 | 3,120 | 130 | 10.0% | 0.00 | -13% | 01.01.11 | 31.12.25 | 100% | ||||||||||||||||||||||||||||||||
Stanley Security S.a.r.l | OP | 3 | 0 | 6,480 | 180 | 4,680 | 130 | 10.0% | 0.00 | -28% | 01.08.16 | 31.12.25 | 100% | ||||||||||||||||||||||||||||||||
Stanley Security S.a.r.l | -1 | W | 1 | 55 | 7,536 | 628 | 137 | 6,600 | 550 | 120 | 10.0% | 0.00 | -12% | 16.01.11 | 31.01.26 | 100% | |||||||||||||||||||||||||||||
Stanley Security S.a.r.l | OP | 2 | 0 | 4,800 | 200 | 3,120 | 130 | 10.0% | 0.00 | -35% | 01.08.16 | 31.01.26 | 100% | ||||||||||||||||||||||||||||||||
Tavitian SA | 2 | O | 1 | 177 | 47,790 | 3,983 | 270 | 46,020 | 3,835 | 260 | 35% | 6.5% | 0.00 | -4% | 01.06.08 | 31.05.23 | 100% | ||||||||||||||||||||||||||||
Tavitian SA | 2 | W | 1 | 14 | 1,680 | 140 | 120 | 1,680 | 140 | 120 | 10.0% | 0.00 | +0% | 01.06.08 | 31.05.23 | 100% | |||||||||||||||||||||||||||||
Tavitian SA | -2 | IP | 1 | 0 | 2,400 | 200 | 1,920 | 160 | 5.0% | 5.00 | -20% | 01.04.15 | 100% | ||||||||||||||||||||||||||||||||
Technoplan Engineering SA | 0 | O | 1 | 197 | 50,432 | 4,203 | 256 | 51,220 | 4,268 | 260 | 35% | 6.5% | 0.00 | +2% | 01.07.16 | 30.06.21 | 100% | ||||||||||||||||||||||||||||
Technoplan Engineering SA | -1 | W | 1 | 4 | 600 | 50 | 150 | 480 | 40 | 120 | 10.0% | 0.00 | -20% | 01.07.16 | 30.06.21 | 100% | |||||||||||||||||||||||||||||
Technoplan Engineering SA | OP | 2 | 0 | 3,840 | 160 | 3,120 | 130 | 10.0% | 5.00 | -19% | 01.07.16 | 100% | |||||||||||||||||||||||||||||||||
Technoplan Engineering SA | -1 | IP | 1 | 0 | 2,400 | 200 | 1,920 | 160 | 5.0% | 5.00 | -20% | 01.07.16 | 100% | ||||||||||||||||||||||||||||||||
World Courier (Switzerland) SA | 0 | O | 1 | 423 | 122,664 | 10,222 | 290 | 109,980 | 9,165 | 260 | 35% | 6.5% | 0.00 | -10% | 01.10.13 | 30.09.23 | 100% | ||||||||||||||||||||||||||||
World Courier (Switzerland) SA | -1 | W | 1 | 13 | 2,340 | 195 | 180 | 1,560 | 130 | 120 | 10.0% | 0.00 | -33% | 01.06.15 | 30.06.23 | 100% | |||||||||||||||||||||||||||||
World Courier (Switzerland) SA | -2 | IP | 5 | 0 | 12,000 | 200 | 9,600 | 160 | 5.0% | 5.00 | -20% | 01.10.13 | 100% | ||||||||||||||||||||||||||||||||
World Courier (Switzerland) SA | OP | 3 | 0 | 7,200 | 200 | 4,680 | 130 | 10.0% | 5.00 | -35% | 01.10.13 | 100% | |||||||||||||||||||||||||||||||||
World Courier (Switzerland) SA | -2 | IP | 1 | 0 | 2,400 | 200 | 1,920 | 160 | 5.0% | 5.00 | -20% | 01.10.16 | 100% | ||||||||||||||||||||||||||||||||
HED Technologies Sàrl | -1 | IP | 2 | 0 | 5,280 | 220 | 1,920 | 80 | 5.0% | 5.00 | -64% | 15.01.20 | 100% | ||||||||||||||||||||||||||||||||
HED Technologies Sàrl | -1 | IP | 1 | 0 | 2,640 | 220 | 1,920 | 160 | 5.0% | 5.00 | -27% | 01.09.20 | 100% | ||||||||||||||||||||||||||||||||
Selexis SA | -2 | IP | 2 | 0 | 5,280 | 220 | 1,920 | 80 | 5.0% | 5.00 | -64% | 01.01.20 | 100% | ||||||||||||||||||||||||||||||||
Amico Lab SA | -2 | OP | 2 | 0 | 5,280 | 220 | 3,120 | 130 | 5.0% | 0.00 | -41% | 01.02.20 | 31.12.25 | 100% | |||||||||||||||||||||||||||||||
% project. | % proje… | ||||||||||||||||||||||||||||||||||||||||||||
Total budgeted rental income | 956 | 34,841 | 10,908,209 | 100.0% | 313 | 10,023,810 | 874 | 288 | 100.0% | -8% | |||||||||||||||||||||||||||||||||||
Total vacancy | 76 | 2,783 | 617,163 | 5.7% | 650,246 | 6.5% | +5% | ||||||||||||||||||||||||||||||||||||||
Total tenants | 880 | 32,058 | 10,291,046 | 94.3% | 9,373,564 | 93.5% | -9% | ||||||||||||||||||||||||||||||||||||||
Legend: | |||||||||||||||||||||||||||||||||||||||||||||
■ | Vacancy | ||||||||||||||||||||||||||||||||||||||||||||
■ Tenant name | Vacant, but the future tenant is already known. |
102688.2001 | 101-4423-115 | Plan-les-Ouates, Chemin des Aulx 8-18 | Created by Wüest Partner, 21.12.2020 | Page 22 of 45 |
Wüest Dimensions - Business intelligence by Wüest Partner |
Summary by tenant and use type
Rental property | Current rent | Market rent | Δ | Current lease agreement | ||||||||||||||||||||||||||||||||||||||||
Tenant | UT | No. | sqm | Share | CHF p.a. | CHF/sqm | Q. | Share | CHF p.a. | CHF/sqm | Q. | Vac. | Dev. | Start | End | Early break | End | Index | ||||||||||||||||||||||||||
Min | Max | Ø | Min | Max | Ø | Min | Max | earliest termin. | [a] | Ø | ||||||||||||||||||||||||||||||||||
LEM INTERNATIONAL SA | 220 | 8,364 | 28% | 2,858,556 | 105 | 311 | 342 |
51% |
27% | 2,482,320 | 120 | 260 |
297 |
35% | 6.5% | -13% | 01.04.05 | 31.03.22 | 1.2 | 100% | ||||||||||||||||||||||||
O | 1 | 7,698 | 84% | 2,392,416 | 311 | 311 | 311 | 51% | 81% | 2,001,480 | 260 | 260 | 260 | 35% | 6.5% | -16% | 01.04.05 | 31.03.22 | 1.2 | 100% | ||||||||||||||||||||||||
IP | 182 | 0 | 12% | 346,716 | 14% | 349,440 | 5.0% | 1% | 01.04.05 | 31.03.22 | 1.2 | 100% | ||||||||||||||||||||||||||||||||
W | 4 | 666 | 3% | 72,264 | 105 | 125 | 109 | 3% | 79,920 | 120 | 120 | 120 | 10.0% | 11% | 01.04.05 | 31.03.22 | 1.1 | 100% | ||||||||||||||||||||||||||
OP | 33 | 0 | 2% | 47,160 | 2% | 51,480 | 10.0% | 9% | 01.04.05 | 31.03.22 | 1.2 | 100% | ||||||||||||||||||||||||||||||||
Swedish Orphan Biovitrum AG | 89 | 2,856 | 10% | 985,267 | 146 | 325 | 345 | 48% | 9% | 860,600 | 120 | 260 | 301 | 35% | 6.4% | -13% | 10.07.19 | 30.04.24 | 3.1 | 100% | ||||||||||||||||||||||||
O | 4 | 2,602 | 80% | 792,504 | 276 | 325 | 305 | 48% | 79% | 676,520 | 260 | 260 | 260 | 35% | 6.5% | -15% | 10.07.19 | 30.04.24 | 3.1 | 100% | ||||||||||||||||||||||||
IP | 80 | 0 | 15% | 152,316 | 18% | 153,600 | 5.0% | 1% | 10.07.19 | 31.12.23 | 3.0 | 100% | ||||||||||||||||||||||||||||||||
W | 5 | 254 | 4% | 40,447 | 146 | 165 | 159 | 4% | 30,480 | 120 | 120 | 120 | 10.0% | -25% | 10.07.19 | 31.03.24 | 3.1 | 100% | ||||||||||||||||||||||||||
NovImmune SA | 44 | 2,420 | 7% | 757,662 | 165 | 290 | 313 | 40% | 8% | 698,680 | 120 | 260 | 289 | 35% | 6.4% | -8% | 01.02.06 | 31.12.23 | 2.9 | 100% | ||||||||||||||||||||||||
O | 2 | 2,354 | 89% | 677,316 | 262 | 290 | 288 | 40% | 88% | 612,040 | 260 | 260 | 260 | 35% | 6.5% | -10% | 01.02.06 | 31.12.23 | 2.9 | 100% | ||||||||||||||||||||||||
IP | 41 | 0 | 9% | 69,456 | 11% | 78,720 | 5.0% | 13% | 01.02.06 | 31.12.23 | 2.9 | 100% | ||||||||||||||||||||||||||||||||
W | 1 | 66 | 1% | 10,890 | 165 | 165 | 165 | 1% | 7,920 | 120 | 120 | 120 | 10.0% | -27% | 01.01.19 | 31.12.23 | 3.0 | 100% | ||||||||||||||||||||||||||
Selexis SA | 42 | 1,588 | 5% | 550,522 | 113 | 307 | 347 | 49% | 5% | 470,100 | 120 | 260 | 296 | 35% | 6.4% | -15% | 01.01.11 | 31.01.27 | 6.0 | 100% | ||||||||||||||||||||||||
O | 2 | 1,533 | 85% | 470,146 | 307 | 307 | 307 | 49% | 85% | 398,580 | 260 | 260 | 260 | 35% | 6.5% | -15% | 01.02.17 | 31.01.27 | 6.1 | 100% | ||||||||||||||||||||||||
IP | 34 | 0 | 11% | 62,700 | 12% | 58,680 | 5.2% | -6% | 01.01.17 | 31.01.27 | 5.4 | 100% | ||||||||||||||||||||||||||||||||
OP | 4 | 0 | 2% | 10,320 | 1% | 6,240 | 10.0% | -40% | 01.10.18 | 31.01.27 | 3.5 | 100% | ||||||||||||||||||||||||||||||||
W | 2 | 55 | 1% | 7,356 | 113 | 180 | 134 | 1% | 6,600 | 120 | 120 | 120 | 10.0% | -10% | 01.01.11 | 31.01.27 | 6.1 | 100% | ||||||||||||||||||||||||||
Anteis SA | 33 | 1,763 | 5% | 544,728 | 149 | 314 | 309 | 43% | 5% | 502,720 | 120 | 260 | 285 | 35% | 6.4% | -8% | 01.10.05 | 31.12.25 | 3.7 | 100% | ||||||||||||||||||||||||
O | 3 | 1,682 | 88% | 477,936 | 260 | 314 | 284 | 43% | 87% | 437,320 | 260 | 260 | 260 | 35% | 6.5% | -8% | 01.10.07 | 31.12.25 | 3.7 | 100% | ||||||||||||||||||||||||
IP | 29 | 0 | 10% | 54,744 | 11% | 55,680 | 5.0% | 2% | 01.10.05 | 31.12.25 | 3.9 | 100% | ||||||||||||||||||||||||||||||||
W | 1 | 81 | 2% | 12,048 | 149 | 149 | 149 | 2% | 9,720 | 120 | 120 | 120 | 10.0% | -19% | 16.05.07 | 31.12.25 | 5.0 | 100% | ||||||||||||||||||||||||||
Acqiris SA | 35 | 1,478 | 5% | 476,664 | 288 | 288 | 323 | 44% | 5% | 449,560 | 260 | 260 | 304 | 35% | 6.3% | -6% | 01.09.17 | 31.12.21 | 1.0 | 100% | ||||||||||||||||||||||||
O | 1 | 1,478 | 89% | 425,664 | 288 | 288 | 288 | 44% | 85% | 384,280 | 260 | 260 | 260 | 35% | 6.5% | -10% | 01.09.17 | 31.12.21 | 1.0 | 100% | ||||||||||||||||||||||||
IP | 34 | 0 | 11% | 51,000 | 15% | 65,280 | 5.0% | 28% | 01.09.17 | 31.12.21 | 1.0 | 100% | ||||||||||||||||||||||||||||||||
Fongit | 43 | 1,434 | 4% | 410,496 | 120 | 278 | 286 | 32% | 5% | 437,260 | 120 | 260 | 305 | 35% | 6.3% | 7% | 01.11.00 | 30.04.22 | 1.1 | 100% |
102688.2001 | 101-4423-115 | Plan-les-Ouates, Chemin des Aulx 8-18 | Created by Wüest Partner, 21.12.2020 | Page 23 of 45 |
Wüest Dimensions - Business intelligence by Wüest Partner |
Rental property | Current rent | Market rent | Δ | Current lease agreement | ||||||||||||||||||||||||||||||||||||||||
Tenant | UT | No. | sqm | Share | CHF p.a. | CHF/sqm | Q. | Share | CHF p.a. | CHF/sqm | Q. | Vac. | Dev. | Start | End | Early break | End | Index | ||||||||||||||||||||||||||
Min | Max | Ø | Min | Max | Ø | Min | Max | earliest termin. | [a] | Ø | ||||||||||||||||||||||||||||||||||
O | 3 | 1,373 | 84% | 343,752 | 212 | 278 | 250 | 32% | 82% | 356,980 | 260 | 260 | 260 | 35% | 6.5% | 4% | 01.11.06 | 30.04.22 | 1.1 | 100% | ||||||||||||||||||||||||
IP | 38 | 0 | 14% | 59,424 | 17% | 72,960 | 5.0% | 23% | 01.11.00 | 30.04.22 | 1.0 | 100% | ||||||||||||||||||||||||||||||||
W | 2 | 61 | 2% | 7,320 | 120 | 120 | 120 | 2% | 7,320 | 120 | 120 | 120 | 10.0% | 0% | 01.05.07 | 30.04.22 | 1.3 | 100% | ||||||||||||||||||||||||||
ObsEva SA | 29 | 1,088 | 4% | 387,860 | 300 | 310 | 356 | 48% | 4% | 330,160 | 260 | 260 | 303 | 35% | 6.3% | -15% | 01.07.13 | 30.06.23 | 2.4 | 100% | ||||||||||||||||||||||||
O | 4 | 1,088 | 84% | 327,260 | 300 | 310 | 301 | 48% | 86% | 282,880 | 260 | 260 | 260 | 35% | 6.5% | -14% | 01.07.13 | 30.06.23 | 2.5 | 100% | ||||||||||||||||||||||||
IP | 23 | 0 | 14% | 55,800 | 13% | 44,160 | 5.0% | -21% | 01.07.13 | 30.06.23 | 2.1 | 100% | ||||||||||||||||||||||||||||||||
OP | 2 | 0 | 1% | 4,800 | 1% | 3,120 | 10.0% | -35% | 01.06.16 | 30.06.23 | 1.6 | 100% | ||||||||||||||||||||||||||||||||
Fondation Eclosion | 13 | 1,067 | 3% | 292,313 | 143 | 260 | 274 | 35% | 3% | 288,440 | 120 | 260 | 270 | 35% | 6.5% | -1% | 01.03.07 | 28.02.22 | 1.1 | 100% | ||||||||||||||||||||||||
O | 1 | 1,000 | 89% | 260,208 | 260 | 260 | 260 | 35% | 90% | 260,000 | 260 | 260 | 260 | 35% | 6.5% | -0% | 01.03.07 | 28.02.22 | 1.2 | 100% | ||||||||||||||||||||||||
IP | 9 | 0 | 6% | 18,924 | 6% | 17,280 | 5.0% | -9% | 01.03.07 | 28.02.22 | 0.4 | 100% | ||||||||||||||||||||||||||||||||
W | 1 | 67 | 3% | 9,581 | 143 | 143 | 143 | 3% | 8,040 | 120 | 120 | 120 | 10.0% | -16% | 01.03.17 | 28.02.22 | 1.2 | 100% | ||||||||||||||||||||||||||
OP | 2 | 0 | 1% | 3,600 | 1% | 3,120 | 10.0% | -13% | 01.08.08 | 28.02.22 | 1.2 | 100% | ||||||||||||||||||||||||||||||||
Lemsys SA | 30 | 965 | 3% | 273,231 | 110 | 300 | 283 | 39% | 3% | 273,280 | 120 | 260 | 283 | 35% | 6.7% | 0% | 01.07.19 | 30.06.27 | 6.5 | 100% | ||||||||||||||||||||||||
O | 3 | 842 | 79% | 215,340 | 220 | 300 | 256 | 39% | 80% | 218,920 | 260 | 260 | 260 | 35% | 6.5% | 2% | 01.07.19 | 30.06.27 | 6.5 | 100% | ||||||||||||||||||||||||
IP | 19 | 0 | 10% | 27,721 | 12% | 31,800 | 5.3% | 15% | 01.07.19 | 30.06.27 | 6.5 | 100% | ||||||||||||||||||||||||||||||||
W | 3 | 123 | 6% | 16,970 | 110 | 150 | 138 | 5% | 14,760 | 120 | 120 | 120 | 10.0% | -13% | 01.07.19 | 30.06.27 | 6.5 | 100% | ||||||||||||||||||||||||||
OP | 5 | 0 | 5% | 13,200 | 3% | 7,800 | 10.0% | -41% | 01.07.19 | 30.06.27 | 6.5 | 100% | ||||||||||||||||||||||||||||||||
SGS M-Scan SA | 24 | 818 | 3% | 267,196 | 120 | 296 | 327 | 45% | 3% | 240,200 | 120 | 260 | 294 | 35% | 6.4% | -10% | 01.01.97 | 31.05.23 | 1.4 | 100% | ||||||||||||||||||||||||
O | 3 | 754 | 83% | 220,960 | 290 | 296 | 293 | 45% | 82% | 196,040 | 260 | 260 | 260 | 35% | 6.5% | -11% | 01.07.13 | 31.05.23 | 1.5 | 100% | ||||||||||||||||||||||||
IP | 19 | 0 | 14% | 37,920 | 15% | 36,480 | 5.0% | -4% | 01.01.07 | 30.09.22 | 1.0 | 100% | ||||||||||||||||||||||||||||||||
W | 2 | 64 | 3% | 8,316 | 120 | 132 | 130 | 3% | 7,680 | 120 | 120 | 120 | 10.0% | -8% | 01.01.97 | 31.12.21 | 1.0 | 100% | ||||||||||||||||||||||||||
DFI Services SA | 34 | 652 | 2% | 251,310 | 154 | 300 | 385 | 47% | 2% | 212,000 | 120 | 260 | 325 | 35% | 6.5% | -16% | 01.01.17 | 31.01.27 | 5.8 | 100% | ||||||||||||||||||||||||
O | 1 | 616 | 74% | 184,800 | 300 | 300 | 300 | 47% | 76% | 160,160 | 260 | 260 | 260 | 35% | 6.5% | -13% | 01.02.17 | 31.01.27 | 6.1 | 100% | ||||||||||||||||||||||||
IP | 29 | 0 | 21% | 53,280 | 20% | 42,840 | 5.6% | -20% | 01.01.17 | 31.01.27 | 6.1 | 100% | ||||||||||||||||||||||||||||||||
OP | 3 | 0 | 3% | 7,680 | 2% | 4,680 | 10.0% | -39% | 01.02.17 | 31.01.27 | 2.0 | 100% | ||||||||||||||||||||||||||||||||
W | 1 | 36 | 2% | 5,550 | 154 | 154 | 154 | 2% | 4,320 | 120 | 120 | 120 | 10.0% | -22% | 01.05.19 | 0.5 | 100% | |||||||||||||||||||||||||||
ILEM | 22 | 682 | 2% | 209,880 | 180 | 240 | 308 | 28% | 2% | 211,520 | 120 | 260 | 310 | 35% | 6.3% | 1% | 01.04.15 | 31.03.25 | 4.0 | 100% | ||||||||||||||||||||||||
O | 1 | 652 | 75% | 156,480 | 240 | 240 | 240 | 28% | 80% | 169,520 | 260 | 260 | 260 | 35% | 6.5% | 8% | 01.04.15 | 31.03.25 | 4.2 | 100% | ||||||||||||||||||||||||
IP | 20 | 0 | 23% | 48,000 | 18% | 38,400 | 5.0% | -20% | 01.04.15 | 31.03.25 | 3.4 | 100% | ||||||||||||||||||||||||||||||||
W | 1 | 30 | 3% | 5,400 | 180 | 180 | 180 | 2% | 3,600 | 120 | 120 | 120 | 10.0% | -33% | 01.01.16 | 0.1 | 100% | |||||||||||||||||||||||||||
Sitex SA | 42 | 516 | 2% | 194,794 | 150 | 300 | 378 | 41% | 2% | 175,120 | 120 | 260 | 339 | 35% | 6.9% | -10% | 01.04.07 | 30.11.24 | 2.8 | 100% | ||||||||||||||||||||||||
O | 2 | 404 | 55% | 107,172 | 257 | 300 | 265 | 41% | 60% | 105,040 | 260 | 260 | 260 | 35% | 6.5% | -2% | 01.04.07 | 30.11.24 | 3.9 | 100% | ||||||||||||||||||||||||
IP | 24 | 0 | 23% | 44,160 | 22% | 37,920 | 5.4% | -14% | 01.04.07 | 30.11.24 | 0.8 | 100% | ||||||||||||||||||||||||||||||||
OP | 12 | 0 | 13% | 25,344 | 11% | 18,720 | 10.0% | -26% | 01.11.07 | 31.08.21 | 0.6 | 100% | ||||||||||||||||||||||||||||||||
W | 4 | 112 | 9% | 18,118 | 150 | 180 | 162 | 8% | 13,440 | 120 | 120 | 120 | 10.0% | -26% | 01.04.07 | 30.11.24 | 3.8 | 100% | ||||||||||||||||||||||||||
HED Technologies Sàrl | 18 | 488 | 2% | 192,800 | 310 | 310 | 395 | 50% | 2% | 157,600 | 260 | 260 | 323 | 35% | 6.2% | -18% | 01.06.17 | 28.02.22 | 1.1 | 100% | ||||||||||||||||||||||||
O | 1 | 488 | 78% | 151,280 | 310 | 310 | 310 | 50% | 81% | 126,880 | 260 | 260 | 260 | 35% | 6.5% | -16% | 01.06.17 | 28.02.22 | 1.2 | 100% | ||||||||||||||||||||||||
IP | 17 | 0 | 22% | 41,520 | 19% | 30,720 | 5.0% | -26% | 01.09.17 | 28.02.22 | 0.8 | 100% | ||||||||||||||||||||||||||||||||
Epithelix S.a.r.l. | 13 | 500 | 2% | 173,568 | 294 | 317 | 347 | 49% | 2% | 150,400 | 260 | 260 | 301 | 35% | 6.4% | -13% | 01.05.13 | 30.04.22 | 1.2 | 100% | ||||||||||||||||||||||||
O | 2 | 500 | 86% | 149,160 | 294 | 317 | 298 | 49% | 86% | 130,000 | 260 | 260 | 260 | 35% | 6.5% | -13% | 01.05.17 | 30.04.22 | 1.2 | 100% | ||||||||||||||||||||||||
IP | 9 | 0 | 12% | 20,808 | 11% | 17,280 | 5.0% | -17% | 01.05.13 | 30.04.22 | 1.2 | 100% | ||||||||||||||||||||||||||||||||
OP | 2 | 0 | 2% | 3,600 | 2% | 3,120 | 10.0% | -13% | 01.09.17 | 28.02.22 | 1.2 | 100% |
102688.2001 | 101-4423-115 | Plan-les-Ouates, Chemin des Aulx 8-18 | Created by Wüest Partner, 21.12.2020 | Page 24 of 45 |
Wüest Dimensions - Business intelligence by Wüest Partner |
Rental property | Current rent | Market rent | Δ | Current lease agreement | ||||||||||||||||||||||||||||||||||||||||
Tenant | UT | No. | sqm | Share | CHF p.a. | CHF/sqm | Q. | Share | CHF p.a. | CHF/sqm | Q. | Vac. | Dev. | Start | End | Early break | End | Index | ||||||||||||||||||||||||||
Min | Max | Ø | Min | Max | Ø | Min | Max | earliest termin. | [a] | Ø | ||||||||||||||||||||||||||||||||||
World Courier (Switzerland) SA | 11 | 436 | 1% | 146,604 | 180 | 290 | 336 | 44% | 1% | 127,740 | 120 | 260 | 293 | 35% | 6.5% | -13% | 01.10.13 | 30.09.23 | 2.4 | 100% | ||||||||||||||||||||||||
O | 1 | 423 | 84% | 122,664 | 290 | 290 | 290 | 44% | 86% | 109,980 | 260 | 260 | 260 | 35% | 6.5% | -10% | 01.10.13 | 30.09.23 | 2.7 | 100% | ||||||||||||||||||||||||
IP | 6 | 0 | 10% | 14,400 | 9% | 11,520 | 5.0% | -20% | 01.10.13 | 0.2 | 100% | |||||||||||||||||||||||||||||||||
OP | 3 | 0 | 5% | 7,200 | 4% | 4,680 | 10.0% | -35% | 01.10.13 | 0.2 | 100% | |||||||||||||||||||||||||||||||||
W | 1 | 13 | 2% | 2,340 | 180 | 180 | 180 | 1% | 1,560 | 120 | 120 | 120 | 10.0% | -33% | 01.06.15 | 30.06.23 | 2.5 | 100% | ||||||||||||||||||||||||||
René Faigle SA | 16 | 422 | 1% | 139,608 | 126 | 300 | 331 | 46% | 1% | 120,400 | 120 | 260 | 285 | 35% | 6.8% | -14% | 01.04.08 | 31.03.25 | 2.3 | 100% | ||||||||||||||||||||||||
O | 2 | 344 | 72% | 100,164 | 289 | 300 | 291 | 46% | 74% | 89,440 | 260 | 260 | 260 | 35% | 6.5% | -11% | 01.04.08 | 31.03.23 | 2.2 | 100% | ||||||||||||||||||||||||
IP | 8 | 0 | 15% | 20,700 | 13% | 15,360 | 5.0% | -26% | 01.04.08 | 31.03.25 | 2.0 | 100% | ||||||||||||||||||||||||||||||||
W | 2 | 78 | 7% | 10,296 | 126 | 136 | 132 | 8% | 9,360 | 120 | 120 | 120 | 10.0% | -9% | 01.04.10 | 31.03.25 | 3.4 | 100% | ||||||||||||||||||||||||||
OP | 4 | 0 | 6% | 8,448 | 5% | 6,240 | 10.0% | -26% | 01.04.08 | 31.03.23 | 2.2 | 100% | ||||||||||||||||||||||||||||||||
Genkyotex (Suisse) SA | 12 | 348 | 1% | 117,678 | 150 | 300 | 338 | 47% | 1% | 100,300 | 120 | 260 | 288 | 35% | 6.5% | -15% | 01.02.11 | 31.01.26 | 4.6 | 100% | ||||||||||||||||||||||||
O | 1 | 281 | 72% | 84,300 | 300 | 300 | 300 | 47% | 73% | 73,060 | 260 | 260 | 260 | 35% | 6.5% | -13% | 01.02.11 | 31.01.26 | 5.1 | 100% | ||||||||||||||||||||||||
IP | 10 | 0 | 20% | 23,328 | 19% | 19,200 | 5.0% | -18% | 01.02.11 | 31.01.26 | 2.7 | 100% | ||||||||||||||||||||||||||||||||
W | 1 | 67 | 9% | 10,050 | 150 | 150 | 150 | 8% | 8,040 | 120 | 120 | 120 | 10.0% | -20% | 01.02.11 | 31.01.26 | 5.1 | 100% | ||||||||||||||||||||||||||
Epic Restaurant AG | 6 | 803 | 1% | 114,600 | 65 | 167 | 143 | 2% | 144,800 | 120 | 200 | 180 | 7.0% | 26% | 01.11.07 | 31.10.22 | 1.8 | 100% | ||||||||||||||||||||||||||
G | 2 | 547 | 80% | 91,346 | 167 | 167 | 167 | 76% | 109,400 | 200 | 200 | 200 | 6.0% | 20% | 01.11.07 | 31.10.22 | 1.8 | 100% | ||||||||||||||||||||||||||
W | 1 | 256 | 15% | 16,654 | 65 | 65 | 65 | 21% | 30,720 | 120 | 120 | 120 | 10.0% | 84% | 01.11.07 | 31.10.22 | 1.8 | 100% | ||||||||||||||||||||||||||
OP | 3 | 0 | 6% | 6,600 | 3% | 4,680 | 10.0% | -29% | 16.01.08 | 30.09.21 | 0.7 | 100% | ||||||||||||||||||||||||||||||||
Stanley Security S.a.r.l | 13 | 274 | 1% | 96,756 | 137 | 300 | 353 | 47% | 1% | 82,140 | 120 | 260 | 300 | 35% | 7.1% | -15% | 01.01.11 | 31.01.26 | 5.0 | 100% | ||||||||||||||||||||||||
O | 1 | 219 | 68% | 65,700 | 300 | 300 | 300 | 47% | 69% | 56,940 | 260 | 260 | 260 | 35% | 6.5% | -13% | 01.01.11 | 31.12.25 | 5.0 | 100% | ||||||||||||||||||||||||
OP | 7 | 0 | 15% | 14,880 | 13% | 10,920 | 10.0% | -27% | 01.01.11 | 31.01.26 | 5.0 | 100% | ||||||||||||||||||||||||||||||||
IP | 4 | 0 | 9% | 8,640 | 9% | 7,680 | 5.0% | -11% | 01.01.11 | 31.12.25 | 5.0 | 100% | ||||||||||||||||||||||||||||||||
W | 1 | 55 | 8% | 7,536 | 137 | 137 | 137 | 8% | 6,600 | 120 | 120 | 120 | 10.0% | -12% | 16.01.11 | 31.01.26 | 5.1 | 100% | ||||||||||||||||||||||||||
Prexton Therapeutics | 9 | 220 | 1% | 85,500 | 293 | 293 | 389 | 45% | 1% | 72,560 | 260 | 260 | 330 | 35% | 6.2% | -15% | 16.02.19 | 28.02.24 | 3.0 | 100% | ||||||||||||||||||||||||
O | 1 | 220 | 75% | 64,380 | 293 | 293 | 293 | 45% | 79% | 57,200 | 260 | 260 | 260 | 35% | 6.5% | -11% | 16.02.19 | 28.02.24 | 3.2 | 100% | ||||||||||||||||||||||||
IP | 8 | 0 | 25% | 21,120 | 21% | 15,360 | 5.0% | -27% | 16.02.19 | 28.02.24 | 2.4 | 100% | ||||||||||||||||||||||||||||||||
Finastra Switzerland GmbH | 12 | 239 | 1% | 80,760 | 272 | 277 | 338 | 39% | 1% | 81,340 | 260 | 260 | 340 | 35% | 6.1% | 1% | 01.02.18 | 31.03.21 | 0.2 | 100% | ||||||||||||||||||||||||
O | 2 | 239 | 81% | 65,640 | 272 | 277 | 275 | 39% | 76% | 62,140 | 260 | 260 | 260 | 35% | 6.5% | -5% | 01.02.18 | 31.03.21 | 0.2 | 100% | ||||||||||||||||||||||||
IP | 10 | 0 | 19% | 15,120 | 24% | 19,200 | 5.0% | 27% | 01.02.18 | 31.03.21 | 0.2 | 100% | ||||||||||||||||||||||||||||||||
GFI International SA | 6 | 202 | 1% | 74,620 | 310 | 310 | 369 | 50% | 1% | 62,120 | 260 | 260 | 308 | 35% | 6.3% | -17% | 01.04.11 | 31.03.21 | 0.2 | 100% | ||||||||||||||||||||||||
O | 1 | 202 | 84% | 62,620 | 310 | 310 | 310 | 50% | 85% | 52,520 | 260 | 260 | 260 | 35% | 6.5% | -16% | 01.04.11 | 31.03.21 | 0.2 | 100% | ||||||||||||||||||||||||
IP | 5 | 0 | 16% | 12,000 | 15% | 9,600 | 5.0% | -20% | 01.04.11 | 31.03.21 | 0.2 | 100% | ||||||||||||||||||||||||||||||||
Les Chambres du CTN | 3 | 430 | 1% | 71,172 | 165 | 166 | 166 | 1% | 66,650 | 155 | 155 | 155 | 6.0% | -6% | 01.10.13 | 30.09.23 | 2.7 | 100% | ||||||||||||||||||||||||||
Hot. | 3 | 430 | 100% | 71,172 | 165 | 166 | 166 | 100% | 66,650 | 155 | 155 | 155 | 6.0% | -6% | 01.10.13 | 30.09.23 | 2.7 | 100% | ||||||||||||||||||||||||||
Amico Lab SA | 11 | 155 | 1% | 67,914 | 292 | 292 | 438 | 45% | 1% | 55,900 | 260 | 260 | 361 | 35% | 7.2% | -18% | 01.03.08 | 31.12.25 | 5.0 | 100% | ||||||||||||||||||||||||
O | 1 | 155 | 67% | 45,198 | 292 | 292 | 292 | 45% | 72% | 40,300 | 260 | 260 | 260 | 35% | 6.5% | -11% | 01.03.08 | 31.12.25 | 5.0 | 100% | ||||||||||||||||||||||||
OP | 10 | 0 | 33% | 22,716 | 28% | 15,600 | 9.0% | -31% | 01.04.13 | 31.12.25 | 5.0 | 100% | ||||||||||||||||||||||||||||||||
Omnitec SA | 4 | 258 | 1% | 66,144 | 88 | 270 | 256 | 38% | 1% | 62,000 | 120 | 260 | 240 | 35% | 6.8% | -6% | 01.11.06 | 30.09.25 | 4.3 | 100% | ||||||||||||||||||||||||
O | 1 | 208 | 85% | 56,160 | 270 | 270 | 270 | 38% | 87% | 54,080 | 260 | 260 | 260 | 35% | 6.5% | -4% | 01.10.20 | 30.09.25 | 4.7 | 100% | ||||||||||||||||||||||||
W | 2 | 50 | 11% | 7,344 | 88 | 180 | 147 | 10% | 6,000 | 120 | 120 | 120 | 10.0% | -18% | 01.11.06 | 31.12.21 | 1.0 | 100% | ||||||||||||||||||||||||||
IP | 1 | 0 | 4% | 2,640 | 3% | 1,920 | 5.0% | -27% | 01.10.20 | 30.09.25 | 4.7 | 100% | ||||||||||||||||||||||||||||||||
Factor Lead SA | 7 | 183 | 1% | 62,400 | 0 | 300 | 341 | 47% | 1% | 53,920 | 120 | 260 | 295 | 35% | 6.5% | -14% | 01.07.16 | 30.06.23 | 0.9 | 100% |
102688.2001 | 101-4423-115 | Plan-les-Ouates, Chemin des Aulx 8-18 | Created by Wüest Partner, 21.12.2020 | Page 25 of 45 |
Wüest Dimensions - Business intelligence by Wüest Partner |
Rental property | Current rent | Market rent | Δ | Current lease agreement | ||||||||||||||||||||||||||||||||||||||||
Tenant | UT | No. | sqm | Share | CHF p.a. | CHF/sqm | Q. | Share | CHF p.a. | CHF/sqm | Q. | Vac. | Dev. | Start | End | Early break | End | Index | ||||||||||||||||||||||||||
Min | Max | Ø | Min | Max | Ø | Min | Max | earliest termin. | [a] | Ø | ||||||||||||||||||||||||||||||||||
O | 2 | 176 | 85% | 52,800 | 300 | 300 | 300 | 47% | 85% | 45,760 | 260 | 260 | 260 | 35% | 6.5% | -13% | 01.07.16 | 30.06.23 | 1.0 | 100% | ||||||||||||||||||||||||
IP | 3 | 0 | 12% | 7,200 | 11% | 5,760 | 5.0% | -20% | 01.07.16 | 30.06.21 | 0.2 | 100% | ||||||||||||||||||||||||||||||||
OP | 1 | 0 | 4% | 2,400 | 3% | 1,560 | 10.0% | -35% | 01.07.16 | 30.06.21 | 0.5 | 100% | ||||||||||||||||||||||||||||||||
W | 1 | 7 | 0% | 0 | 0 | 0 | 0 | 2% | 840 | 120 | 120 | 120 | 10.0% | 01.11.19 | 30.06.23 | |||||||||||||||||||||||||||||
Technoplan Engineering SA | 5 | 201 | 1% | 57,272 | 150 | 256 | 285 | 33% | 1% | 56,740 | 120 | 260 | 282 | 35% | 6.7% | -1% | 01.07.16 | 30.06.21 | 0.5 | 100% | ||||||||||||||||||||||||
O | 1 | 197 | 88% | 50,432 | 256 | 256 | 256 | 33% | 90% | 51,220 | 260 | 260 | 260 | 35% | 6.5% | 2% | 01.07.16 | 30.06.21 | 0.5 | 100% | ||||||||||||||||||||||||
OP | 2 | 0 | 7% | 3,840 | 5% | 3,120 | 10.0% | -19% | 01.07.16 | 0.1 | 100% | |||||||||||||||||||||||||||||||||
IP | 1 | 0 | 4% | 2,400 | 3% | 1,920 | 5.0% | -20% | 01.07.16 | 0.1 | 100% | |||||||||||||||||||||||||||||||||
W | 1 | 4 | 1% | 600 | 150 | 150 | 150 | 1% | 480 | 120 | 120 | 120 | 10.0% | -20% | 01.07.16 | 30.06.21 | 0.5 | 100% | ||||||||||||||||||||||||||
Tavitian SA | 3 | 191 | 1% | 51,870 | 120 | 270 | 272 | 38% | 1% | 49,620 | 120 | 260 | 260 | 35% | 6.6% | -4% | 01.06.08 | 31.05.23 | 2.3 | 100% | ||||||||||||||||||||||||
O | 1 | 177 | 92% | 47,790 | 270 | 270 | 270 | 38% | 93% | 46,020 | 260 | 260 | 260 | 35% | 6.5% | -4% | 01.06.08 | 31.05.23 | 2.4 | 100% | ||||||||||||||||||||||||
IP | 1 | 0 | 5% | 2,400 | 4% | 1,920 | 5.0% | -20% | 01.04.15 | 0.1 | 100% | |||||||||||||||||||||||||||||||||
W | 1 | 14 | 3% | 1,680 | 120 | 120 | 120 | 3% | 1,680 | 120 | 120 | 120 | 10.0% | 0% | 01.06.08 | 31.05.23 | 2.4 | 100% | ||||||||||||||||||||||||||
KBI Biopharma SA | 2 | 142 | 0% | 42,400 | 280 | 280 | 299 | 41% | 0% | 44,600 | 260 | 260 | 314 | 35% | 6.2% | 5% | 01.10.20 | 30.09.2021 | 1.0 | 100% | ||||||||||||||||||||||||
O | 1 | 142 | 94% | 39,760 | 280 | 280 | 280 | 41% | 83% | 36,920 | 260 | 260 | 260 | 35% | 6.5% | -7% | 01.10.20 | 30.09.2021 | 1.0 | 100% | ||||||||||||||||||||||||
IP | 1 | 0 | 6% | 2,640 | 17% | 7,680 | 5.0% | 191% | 01.10.20 | 30.09.2021 | 1.0 | 100% | ||||||||||||||||||||||||||||||||
So Be Cosmetics SA | 5 | 101 | 0% | 39,900 | 300 | 300 | 395 | 47% | 0% | 33,940 | 260 | 260 | 336 | 35% | 6.2% | -15% | 01.07.08 | 31.01.24 | 2.4 | 100% | ||||||||||||||||||||||||
O | 1 | 101 | 76% | 30,300 | 300 | 300 | 300 | 47% | 77% | 26,260 | 260 | 260 | 260 | 35% | 6.5% | -13% | 01.02.14 | 31.01.24 | 3.1 | 100% | ||||||||||||||||||||||||
IP | 4 | 0 | 24% | 9,600 | 23% | 7,680 | 5.0% | -20% | 01.07.08 | 31.01.21 | 0.1 | 100% | ||||||||||||||||||||||||||||||||
Sitex MAD SA | 4 | 103 | 0% | 38,820 | 300 | 300 | 377 | 47% | 0% | 32,540 | 260 | 260 | 316 | 35% | 6.2% | -16% | 01.12.19 | 30.11.24 | 3.9 | 100% | ||||||||||||||||||||||||
O | 1 | 103 | 80% | 30,900 | 300 | 300 | 300 | 47% | 82% | 26,780 | 260 | 260 | 260 | 35% | 6.5% | -13% | 01.12.19 | 30.11.24 | 3.9 | 100% | ||||||||||||||||||||||||
IP | 3 | 0 | 20% | 7,920 | 18% | 5,760 | 5.0% | -27% | 01.12.19 | 30.11.24 | 3.9 | 100% | ||||||||||||||||||||||||||||||||
Hermenjat Serigraphie | 2 | 145 | 0% | 38,604 | 256 | 256 | 266 | 33% | 0% | 39,620 | 260 | 260 | 273 | 35% | 6.4% | 3% | 01.01.06 | 31.12.25 | 5.0 | 100% | ||||||||||||||||||||||||
O | 1 | 145 | 96% | 37,116 | 256 | 256 | 256 | 33% | 95% | 37,700 | 260 | 260 | 260 | 35% | 6.5% | 2% | 01.01.06 | 31.12.25 | 5.0 | 100% | ||||||||||||||||||||||||
IP | 1 | 0 | 4% | 1,488 | 5% | 1,920 | 5.0% | 29% | 01.01.06 | 31.12.25 | 5.0 | 100% | ||||||||||||||||||||||||||||||||
Anura Associates SA | 7 | 81 | 0% | 37,890 | 290 | 290 | 468 | 44% | 0% | 32,580 | 260 | 260 | 402 | 35% | 6.0% | -14% | 15.10.17 | 30.09.22 | 1.7 | 100% | ||||||||||||||||||||||||
O | 1 | 81 | 62% | 23,490 | 290 | 290 | 290 | 44% | 65% | 21,060 | 260 | 260 | 260 | 35% | 6.5% | -10% | 15.11.17 | 30.09.22 | 1.7 | 100% | ||||||||||||||||||||||||
IP | 6 | 0 | 38% | 14,400 | 35% | 11,520 | 5.0% | -20% | 15.10.17 | 30.09.22 | 1.5 | 100% | ||||||||||||||||||||||||||||||||
Addex Pharma SA | 2 | 98 | 0% | 13,720 | 140 | 140 | 140 | 0% | 11,760 | 120 | 120 | 120 | 10.0% | -14% | 01.12.15 | 0.5 | 100% | |||||||||||||||||||||||||||
W | 2 | 98 | 100% | 13,720 | 140 | 140 | 140 | 100% | 11,760 | 120 | 120 | 120 | 10.0% | -14% | 01.12.15 | 0.5 | 100% | |||||||||||||||||||||||||||
PhytoXtract SA | 2 | 50 | 0% | 5,550 | 72 | 150 | 111 | 0% | 6,000 | 120 | 120 | 120 | 10.0% | 8% | 01.05.17 | 30.06.21 | 0.4 | 100% | ||||||||||||||||||||||||||
W | 2 | 50 | 100% | 5,550 | 72 | 150 | 111 | 100% | 6,000 | 120 | 120 | 120 | 10.0% | 8% | 01.05.17 | 30.06.21 | 0.4 | 100% | ||||||||||||||||||||||||||
Leone Giulio Ferblanterie Sarl | 1 | 35 | 0% | 3,600 | 103 | 103 | 103 | 0% | 4,200 | 120 | 120 | 120 | 10.0% | 17% | 01.10.17 | 0.2 | 100% | |||||||||||||||||||||||||||
W | 1 | 35 | 100% | 3,600 | 103 | 103 | 103 | 100% | 4,200 | 120 | 120 | 120 | 10.0% | 17% | 01.10.17 | 0.2 | 100% | |||||||||||||||||||||||||||
Cramatte Cedric | 1 | 62 | 0% | 3,600 | 58 | 58 | 58 | 0% | 7,440 | 120 | 120 | 120 | 10.0% | 107% | 01.02.19 | 0.2 | 100% | |||||||||||||||||||||||||||
W | 1 | 62 | 100% | 3,600 | 58 | 58 | 58 | 100% | 7,440 | 120 | 120 | 120 | 10.0% | 107% | 01.02.19 | 0.2 | 100% | |||||||||||||||||||||||||||
Plair SA | 1 | 19 | 0% | 3,420 | 180 | 180 | 180 | 0% | 2,280 | 120 | 120 | 120 | 10.0% | -33% | 01.12.17 | 0.5 | 100% | |||||||||||||||||||||||||||
W | 1 | 19 | 100% | 3,420 | 180 | 180 | 180 | 100% | 2,280 | 120 | 120 | 120 | 10.0% | -33% | 01.12.17 | 0.5 | 100% | |||||||||||||||||||||||||||
Services Industriels de Geneve | 1 | 168 | 0% | 1,848 | 11 | 11 | 11 | 0% | 20,160 | 120 | 120 | 120 | 10.0% | 991% | 01.09.08 | 31.08.25 | 4.7 | 100% | ||||||||||||||||||||||||||
W | 1 | 168 | 100% | 1,848 | 11 | 11 | 11 | 100% | 20,160 | 120 | 120 | 120 | 10.0% | 991% | 01.09.08 | 31.08.25 | 4.7 | 100% | ||||||||||||||||||||||||||
QAD Europe SA | 1 | 7 | 0% | 1,050 | 150 | 150 | 150 | 0% | 840 | 120 | 120 | 120 | 10.0% | -20% | 01.05.09 | 30.04.24 | 3.3 | 100% | ||||||||||||||||||||||||||
W | 1 | 7 | 100% | 1,050 | 150 | 150 | 150 | 100% | 840 | 120 | 120 | 120 | 10.0% | -20% | 01.05.09 | 30.04.24 | 3.3 | 100% |
102688.2001 | 101-4423-115 | Plan-les-Ouates, Chemin des Aulx 8-18 | Created by Wüest Partner, 21.12.2020 | Page 26 of 45 |
Wüest Dimensions - Business intelligence by Wüest Partner |
102688.2001 | 101-4423-115 | Plan-les-Ouates, Chemin des Aulx 8-18 | Created by Wüest Partner, 21.12.2020 | Page 27 of 45 |
Wüest Dimensions - Business intelligence by Wüest Partner |
Summary by tenant and use type outlook
Rental unit | Rents | Periods | nominal cashflows | ||||||||||||||||||||||||||||||||
Actual | Market | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | |||||||||||||||||||||||
Tenant | UT | No. | sqm | end [a] | Share | CHF p.a. | CHF p.a. | 01.01.2021 | 01.01.2022 | 01.01.2023 | 01.01.2024 | 01.01.2025 | 01.01.2026 | 01.01.2027 | 01.01.2028 | 01.01.2029 | 01.01.2030 | |||||||||||||||||
- 31.12.2021 | - 31.12.2022 | - 31.12.2023 | - 31.12.2024 | - 31.12.2025 | - 31.12.2026 | - 31.12.2027 | - 31.12.2028 | - 31.12.2029 | -31.12.2030 | |||||||||||||||||||||||||
LEM INTERNATIONAL SA | 220 | 8,364 | 1.2 | 27.8% | 2,858,556 | 2,482,320 | 2,858,077 | 2,589,140 | 2,507,205 | 2,519,741 | 2,532,340 | 2,545,002 | 2,557,727 | 2,570,515 | 2,583,368 | 2,596,285 | ||||||||||||||||||
W | 4 | 666 | 1.1 | 2.5% | 72,264 | 79,920 | 71,785 | 78,275 | 80,721 | 81,125 | 81,530 | 81,938 | 82,348 | 82,760 | 83,173 | 83,589 | ||||||||||||||||||
OP | 33 | 0 | 1.2 | 1.6% | 47,160 | 51,480 | 47,160 | 50,652 | 51,996 | 52,256 | 52,517 | 52,780 | 53,044 | 53,309 | 53,576 | 53,843 | ||||||||||||||||||
IP | 182 | 0 | 1.2 | 12.1% | 346,716 | 349,440 | 346,716 | 350,503 | 352,943 | 354,708 | 356,481 | 358,264 | 360,055 | 361,855 | 363,665 | 365,483 | ||||||||||||||||||
O | 1 | 7,698 | 1.2 | 83.7% | 2,392,416 | 2,001,480 | 2,392,416 | 2,109,710 | 2,021,545 | 2,031,653 | 2,041,811 | 2,052,020 | 2,062,280 | 2,072,591 | 2,082,954 | 2,093,369 | ||||||||||||||||||
Swedish Orphan Biovitrum AG | 89 | 2,856 | 3.1 | 9.6% | 985,267 | 860,600 | 985,267 | 990,194 | 995,145 | 881,995 | 877,942 | 882,331 | 886,743 | 891,177 | 895,632 | 900,111 | ||||||||||||||||||
W | 5 | 254 | 3.1 | 4.1% | 40,447 | 30,480 | 40,447 | 40,649 | 40,853 | 32,241 | 31,094 | 31,250 | 31,406 | 31,563 | 31,721 | 31,879 | ||||||||||||||||||
IP | 80 | 0 | 3.0 | 15.5% | 152,316 | 153,600 | 152,316 | 153,078 | 153,843 | 155,916 | 156,695 | 157,479 | 158,266 | 159,057 | 159,853 | 160,652 | ||||||||||||||||||
O | 4 | 2,602 | 3.1 | 80.4% | 792,504 | 676,520 | 792,504 | 796,467 | 800,449 | 693,838 | 690,152 | 693,603 | 697,071 | 700,556 | 704,059 | 707,579 | ||||||||||||||||||
NovImmune SA | 44 | 2,420 | 2.9 | 7.4% | 757,662 | 698,680 | 757,662 | 761,378 | 765,400 | 709,578 | 712,979 | 716,396 | 719,904 | 723,504 | 727,121 | 730,757 | ||||||||||||||||||
W | 1 | 66 | 3.0 | 1.4% | 10,890 | 7,920 | 10,890 | 10,944 | 10,999 | 8,039 | 8,080 | 8,120 | 8,161 | 8,201 | 8,242 | 8,284 | ||||||||||||||||||
O | 2 | 2,354 | 2.9 | 89.4% | 677,316 | 612,040 | 677,316 | 680,703 | 683,869 | 621,267 | 624,373 | 627,495 | 630,632 | 633,785 | 636,954 | 640,139 | ||||||||||||||||||
IP | 41 | 0 | 2.9 | 9.2% | 69,456 | 78,720 | 69,456 | 69,731 | 70,532 | 80,272 | 80,526 | 80,781 | 81,111 | 81,517 | 81,924 | 82,334 | ||||||||||||||||||
Selexis SA | 42 | 1,588 | 6.0 | 5.3% | 550,522 | 470,100 | 550,238 | 552,025 | 553,524 | 555,025 | 556,527 | 558,321 | 490,750 | 486,802 | 489,236 | 491,683 | ||||||||||||||||||
W | 2 | 55 | 6.1 | 1.3% | 7,356 | 6,600 | 7,356 | 7,393 | 7,430 | 7,467 | 7,504 | 7,542 | 6,865 | 6,834 | 6,869 | 6,903 | ||||||||||||||||||
OP | 4 | 0 | 3.5 | 1.9% | 10,320 | 6,240 | 10,320 | 10,153 | 9,768 | 9,378 | 8,984 | 8,586 | 6,594 | 6,462 | 6,494 | 6,526 | ||||||||||||||||||
O | 2 | 1,533 | 6.1 | 85.4% | 470,146 | 398,580 | 470,146 | 472,496 | 474,859 | 477,233 | 479,619 | 482,017 | 416,833 | 412,741 | 414,805 | 416,879 | ||||||||||||||||||
IP | 34 | 0 | 5.4 | 11.4% | 62,700 | 58,680 | 62,416 | 61,982 | 61,468 | 60,947 | 60,419 | 60,176 | 60,457 | 60,765 | 61,069 | 61,374 | ||||||||||||||||||
Anteis SA | 33 | 1,763 | 3.7 | 5.3% | 544,728 | 502,720 | 542,728 | 545,040 | 547,765 | 550,504 | 553,256 | 515,414 | 517,991 | 520,581 | 523,184 | 525,800 | ||||||||||||||||||
W | 1 | 81 | 5.0 | 2.2% | 12,048 | 9,720 | 12,048 | 12,108 | 12,169 | 12,230 | 12,291 | 9,965 | 10,015 | 10,065 | 10,116 | 10,166 | ||||||||||||||||||
IP | 29 | 0 | 3.9 | 10.0% | 54,744 | 55,680 | 52,744 | 52,606 | 52,869 | 53,133 | 53,399 | 57,086 | 57,371 | 57,658 | 57,947 | 58,236 | ||||||||||||||||||
O | 3 | 1,682 | 3.7 | 87.7% | 477,936 | 437,320 | 477,936 | 480,326 | 482,727 | 485,141 | 487,567 | 448,363 | 450,605 | 452,858 | 455,122 | 457,398 | ||||||||||||||||||
Acqiris SA | 35 | 1,478 | 1.0 | 4.6% | 476,664 | 449,560 | 476,664 | 451,808 | 454,067 | 456,337 | 458,619 | 460,912 | 463,217 | 465,533 | 467,860 | 470,200 | ||||||||||||||||||
IP | 34 | 0 | 1.0 | 10.7% | 51,000 | 65,280 | 51,000 | 65,606 | 65,934 | 66,264 | 66,595 | 66,928 | 67,263 | 67,599 | 67,937 | 68,277 | ||||||||||||||||||
O | 1 | 1,478 | 1.0 | 89.3% | 425,664 | 384,280 | 425,664 | 386,201 | 388,132 | 390,073 | 392,023 | 393,984 | 395,953 | 397,933 | 399,923 | 401,923 | ||||||||||||||||||
Fongit | 43 | 1,434 | 1.1 | 4.0% | 410,496 | 437,260 | 413,087 | 430,049 | 441,644 | 443,852 | 446,071 | 448,301 | 450,543 | 452,796 | 455,060 | 457,335 | ||||||||||||||||||
W | 2 | 61 | 1.3 | 1.8% | 7,320 | 7,320 | 7,320 | 7,357 | 7,393 | 7,430 | 7,468 | 7,505 | 7,542 | 7,580 | 7,618 | 7,656 | ||||||||||||||||||
IP | 38 | 0 | 1.0 | 14.5% | 59,424 | 72,960 | 62,192 | 71,295 | 73,691 | 74,060 | 74,430 | 74,802 | 75,176 | 75,552 | 75,930 | 76,310 | ||||||||||||||||||
O | 3 | 1,373 | 1.1 | 83.7% | 343,752 | 356,980 | 343,575 | 351,398 | 360,559 | 362,362 | 364,173 | 365,994 | 367,824 | 369,663 | 371,512 | 373,369 | ||||||||||||||||||
ObsEva SA | 29 | 1,088 | 2.4 | 3.8% | 387,860 | 330,160 | 387,777 | 389,245 | 362,888 | 336,258 | 337,376 | 338,582 | 340,189 | 341,890 | 343,600 | 345,318 | ||||||||||||||||||
OP | 2 | 0 | 1.6 | 1.2% | 4,800 | 3,120 | 4,795 | 4,697 | 4,126 | 3,550 | 3,397 | 3,247 | 3,215 | 3,231 | 3,247 | 3,263 | ||||||||||||||||||
O | 4 | 1,088 | 2.5 | 84.4% | 327,260 | 282,880 | 327,260 | 328,896 | 308,128 | 287,144 | 288,580 | 290,023 | 291,473 | 292,931 | 294,395 | 295,867 | ||||||||||||||||||
IP | 23 | 0 | 2.1 | 14.4% | 55,800 | 44,160 | 55,723 | 55,652 | 50,633 | 45,564 | 45,400 | 45,312 | 45,501 | 45,729 | 45,958 | 46,187 | ||||||||||||||||||
Fondation Eclosion | 13 | 1,067 | 1.1 | 2.8% | 292,313 | 288,440 | 292,171 | 291,452 | 292,201 | 293,323 | 294,449 | 295,725 | 297,202 | 298,688 | 300,182 | 301,682 | ||||||||||||||||||
W | 1 | 67 | 1.2 | 3.3% | 9,581 | 8,040 | 9,581 | 8,338 | 8,121 | 8,161 | 8,202 | 8,243 | 8,284 | 8,326 | 8,367 | 8,409 | ||||||||||||||||||
OP | 2 | 0 | 1.2 | 1.2% | 3,600 | 3,120 | 3,600 | 3,216 | 3,151 | 3,167 | 3,183 | 3,199 | 3,215 | 3,231 | 3,247 | 3,263 | ||||||||||||||||||
IP | 9 | 0 | 0.4 | 6.5% | 18,924 | 17,280 | 18,783 | 18,562 | 18,322 | 18,075 | 17,825 | 17,717 | 17,805 | 17,894 | 17,983 | 18,073 | ||||||||||||||||||
O | 1 | 1,000 | 1.2 | 89.0% | 260,208 | 260,000 | 260,208 | 261,335 | 262,607 | 263,920 | 265,239 | 266,565 | 267,898 | 269,238 | 270,584 | 271,937 | ||||||||||||||||||
Lemsys SA | 30 | 965 | 6.5 | 2.7% | 273,231 | 273,280 | 273,231 | 274,597 | 275,970 | 277,350 | 278,737 | 280,130 | 281,556 | 282,989 | 284,404 | 285,826 | ||||||||||||||||||
W | 3 | 123 | 6.5 | 6.2% | 16,970 | 14,760 | 16,970 | 17,055 | 17,140 | 17,226 | 17,312 | 17,398 | 16,347 | 15,284 | 15,361 | 15,438 |
102688.2001 | 101-4423-115 | Plan-les-Ouates, Chemin des Aulx 8-18 | Created by Wüest Partner, 21.12.2020 | Page 28 of 45 |
Wüest Dimensions - Business intelligence by Wüest Partner |
Rental unit | Rents | Periods | nominal cashflows | ||||||||||||||||||||||||||||||||
Actual | Market | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | |||||||||||||||||||||||
Tenant | UT | No. | sqm | end [a] | Share | CHF p.a. | CHF p.a. | 01.01.2021 | 01.01.2022 | 01.01.2023 | 01.01.2024 | 01.01.2025 | 01.01.2026 | 01.01.2027 | 01.01.2028 | 01.01.2029 | 01.01.2030 | |||||||||||||||||
- 31.12.2021 | - 31.12.2022 | - 31.12.2023 | - 31.12.2024 | - 31.12.2025 | - 31.12.2026 | - 31.12.2027 | - 31.12.2028 | - 31.12.2029 | -31.12.2030 | |||||||||||||||||||||||||
OP | 5 | 0 | 6.5 | 4.8% | 13,200 | 7,800 | 13,200 | 13,266 | 13,332 | 13,399 | 13,466 | 13,533 | 10,819 | 8,077 | 8,118 | 8,158 | ||||||||||||||||||
IP | 19 | 0 | 6.5 | 10.1% | 27,721 | 31,800 | 27,721 | 27,860 | 27,999 | 28,139 | 28,280 | 28,421 | 30,665 | 32,930 | 33,094 | 33,260 | ||||||||||||||||||
O | 3 | 842 | 6.5 | 78.8% | 215,340 | 218,920 | 215,340 | 216,417 | 217,499 | 218,586 | 219,679 | 220,778 | 223,726 | 226,698 | 227,832 | 228,971 | ||||||||||||||||||
SGS M-Scan SA | 24 | 818 | 1.4 | 2.6% | 267,196 | 240,200 | 266,076 | 251,283 | 244,455 | 243,821 | 245,040 | 246,265 | 247,497 | 248,734 | 249,978 | 251,228 | ||||||||||||||||||
W | 2 | 64 | 1.0 | 3.1% | 8,316 | 7,680 | 8,316 | 7,718 | 7,757 | 7,796 | 7,835 | 7,874 | 7,913 | 7,953 | 7,993 | 8,033 | ||||||||||||||||||
IP | 19 | 0 | 1.0 | 14.2% | 37,920 | 36,480 | 36,800 | 37,748 | 36,846 | 37,030 | 37,215 | 37,401 | 37,588 | 37,776 | 37,965 | 38,155 | ||||||||||||||||||
O | 3 | 754 | 1.5 | 82.7% | 220,960 | 196,040 | 220,960 | 205,817 | 199,852 | 198,995 | 199,990 | 200,990 | 201,995 | 203,005 | 204,020 | 205,040 | ||||||||||||||||||
DFI Services SA | 34 | 652 | 5.8 | 2.4% | 251,310 | 212,000 | 251,096 | 251,702 | 252,276 | 252,849 | 253,422 | 254,213 | 221,524 | 219,532 | 220,630 | 221,733 | ||||||||||||||||||
W | 1 | 36 | 0.5 | 2.2% | 5,550 | 4,320 | 5,519 | 5,330 | 5,108 | 4,884 | 4,657 | 4,460 | 4,451 | 4,473 | 4,496 | 4,518 | ||||||||||||||||||
OP | 3 | 0 | 2.0 | 3.1% | 7,680 | 4,680 | 7,497 | 7,102 | 6,701 | 6,296 | 5,887 | 5,661 | 4,894 | 4,846 | 4,871 | 4,895 | ||||||||||||||||||
IP | 29 | 0 | 6.1 | 21.2% | 53,280 | 42,840 | 53,280 | 53,546 | 53,814 | 54,083 | 54,354 | 54,625 | 45,038 | 44,362 | 44,584 | 44,807 | ||||||||||||||||||
O | 1 | 616 | 6.1 | 73.5% | 184,800 | 160,160 | 184,800 | 185,724 | 186,653 | 187,586 | 188,524 | 189,466 | 167,141 | 165,850 | 166,680 | 167,513 | ||||||||||||||||||
ILEM | 22 | 682 | 4.0 | 2.0% | 209,880 | 211,520 | 209,566 | 209,868 | 210,166 | 210,462 | 214,856 | 216,864 | 217,945 | 219,035 | 220,130 | 221,231 | ||||||||||||||||||
W | 1 | 30 | 0.1 | 2.6% | 5,400 | 3,600 | 5,248 | 4,913 | 4,574 | 4,232 | 3,886 | 3,692 | 3,709 | 3,728 | 3,747 | 3,765 | ||||||||||||||||||
IP | 20 | 0 | 3.4 | 22.9% | 48,000 | 38,400 | 47,838 | 47,692 | 47,543 | 47,391 | 41,360 | 39,371 | 39,566 | 39,764 | 39,963 | 40,163 | ||||||||||||||||||
O | 1 | 652 | 4.2 | 74.6% | 156,480 | 169,520 | 156,480 | 157,262 | 158,049 | 158,839 | 169,610 | 173,801 | 174,670 | 175,543 | 176,421 | 177,303 | ||||||||||||||||||
Sitex SA | 42 | 516 | 2.8 | 1.9% | 194,794 | 175,120 | 190,731 | 185,191 | 185,777 | 185,097 | 179,027 | 179,640 | 180,440 | 181,342 | 182,249 | 183,160 | ||||||||||||||||||
W | 4 | 112 | 3.8 | 9.3% | 18,118 | 13,440 | 18,118 | 18,209 | 18,300 | 17,385 | 13,711 | 13,779 | 13,848 | 13,918 | 13,987 | 14,057 | ||||||||||||||||||
OP | 12 | 0 | 0.6 | 13.0% | 25,344 | 18,720 | 23,682 | 18,814 | 18,908 | 19,002 | 19,097 | 19,193 | 19,289 | 19,385 | 19,482 | 19,579 | ||||||||||||||||||
O | 2 | 404 | 3.9 | 55.0% | 107,172 | 105,040 | 107,172 | 107,708 | 108,246 | 108,607 | 107,157 | 107,692 | 108,231 | 108,772 | 109,316 | 109,862 | ||||||||||||||||||
IP | 24 | 0 | 0.8 | 22.7% | 44,160 | 37,920 | 41,759 | 40,460 | 40,323 | 40,103 | 39,063 | 38,976 | 39,072 | 39,267 | 39,464 | 39,661 | ||||||||||||||||||
HED Technologies Sàrl | 18 | 488 | 1.1 | 1.9% | 192,800 | 157,600 | 192,333 | 167,332 | 162,057 | 161,747 | 161,430 | 161,583 | 162,387 | 163,199 | 164,015 | 164,836 | ||||||||||||||||||
IP | 17 | 0 | 0.8 | 21.5% | 41,520 | 30,720 | 41,053 | 35,731 | 33,905 | 32,954 | 31,993 | 31,499 | 31,653 | 31,811 | 31,971 | 32,130 | ||||||||||||||||||
O | 1 | 488 | 1.2 | 78.5% | 151,280 | 126,880 | 151,280 | 131,601 | 128,152 | 128,793 | 129,437 | 130,084 | 130,734 | 131,388 | 132,045 | 132,705 | ||||||||||||||||||
Epithelix S.a.r.l. | 13 | 500 | 1.2 | 1.7% | 173,568 | 150,400 | 173,568 | 156,085 | 151,908 | 152,667 | 153,431 | 154,198 | 154,969 | 155,744 | 156,522 | 157,305 | ||||||||||||||||||
OP | 2 | 0 | 1.2 | 2.1% | 3,600 | 3,120 | 3,600 | 3,216 | 3,151 | 3,167 | 3,183 | 3,199 | 3,215 | 3,231 | 3,247 | 3,263 | ||||||||||||||||||
O | 2 | 500 | 1.2 | 85.9% | 149,160 | 130,000 | 149,160 | 134,750 | 131,303 | 131,960 | 132,620 | 133,283 | 133,949 | 134,619 | 135,292 | 135,968 | ||||||||||||||||||
IP | 9 | 0 | 1.2 | 12.0% | 20,808 | 17,280 | 20,808 | 18,118 | 17,453 | 17,540 | 17,628 | 17,716 | 17,805 | 17,894 | 17,983 | 18,073 | ||||||||||||||||||
World Courier (Switzerland) SA | 11 | 436 | 2.4 | 1.4% | 146,604 | 127,740 | 146,285 | 145,961 | 142,003 | 131,565 | 131,121 | 130,997 | 131,620 | 132,279 | 132,940 | 133,605 | ||||||||||||||||||
W | 1 | 13 | 2.5 | 1.6% | 2,340 | 1,560 | 2,340 | 2,352 | 1,970 | 1,584 | 1,591 | 1,599 | 1,607 | 1,615 | 1,624 | 1,632 | ||||||||||||||||||
OP | 3 | 0 | 0.2 | 4.9% | 7,200 | 4,680 | 7,057 | 6,601 | 6,125 | 5,644 | 5,158 | 4,814 | 4,822 | 4,846 | 4,871 | 4,895 | ||||||||||||||||||
IP | 6 | 0 | 0.2 | 9.8% | 14,400 | 11,520 | 14,223 | 13,731 | 13,218 | 12,699 | 12,175 | 11,826 | 11,870 | 11,929 | 11,989 | 12,049 | ||||||||||||||||||
O | 1 | 423 | 2.7 | 83.7% | 122,664 | 109,980 | 122,664 | 123,277 | 120,691 | 111,638 | 112,196 | 112,757 | 113,321 | 113,888 | 114,457 | 115,029 | ||||||||||||||||||
René Faigle SA | 16 | 422 | 2.3 | 1.4% | 139,608 | 120,400 | 139,527 | 140,032 | 128,015 | 124,265 | 123,377 | 123,441 | 124,057 | 124,678 | 125,301 | 125,928 | ||||||||||||||||||
W | 2 | 78 | 3.4 | 7.4% | 10,296 | 9,360 | 10,296 | 10,347 | 10,236 | 10,232 | 9,732 | 9,596 | 9,644 | 9,693 | 9,741 | 9,790 | ||||||||||||||||||
OP | 4 | 0 | 2.2 | 6.1% | 8,448 | 6,240 | 8,448 | 8,490 | 6,860 | 6,334 | 6,366 | 6,398 | 6,430 | 6,462 | 6,494 | 6,526 | ||||||||||||||||||
IP | 8 | 0 | 2.0 | 14.8% | 20,700 | 15,360 | 20,619 | 20,530 | 17,875 | 16,911 | 16,037 | 15,748 | 15,827 | 15,906 | 15,985 | 16,065 | ||||||||||||||||||
O | 2 | 344 | 2.2 | 71.7% | 100,164 | 89,440 | 100,164 | 100,665 | 93,045 | 90,788 | 91,242 | 91,698 | 92,157 | 92,618 | 93,081 | 93,546 | ||||||||||||||||||
Genkyotex (Suisse) SA | 12 | 348 | 4.6 | 1.1% | 117,678 | 100,300 | 117,580 | 117,831 | 118,071 | 118,311 | 118,550 | 104,181 | 103,347 | 103,864 | 104,383 | 104,905 | ||||||||||||||||||
W | 1 | 67 | 5.1 | 8.5% | 10,050 | 8,040 | 10,050 | 10,100 | 10,151 | 10,202 | 10,253 | 8,415 | 8,284 | 8,326 | 8,367 | 8,409 | ||||||||||||||||||
IP | 10 | 0 | 2.7 | 19.8% | 23,328 | 19,200 | 23,230 | 23,010 | 22,775 | 22,539 | 22,299 | 19,901 | 19,783 | 19,882 | 19,982 | 20,081 | ||||||||||||||||||
O | 1 | 281 | 5.1 | 71.6% | 84,300 | 73,060 | 84,300 | 84,722 | 85,145 | 85,571 | 85,999 | 75,865 | 75,279 | 75,656 | 76,034 | 76,414 |
102688.2001 | 101-4423-115 | Plan-les-Ouates, Chemin des Aulx 8-18 | Created by Wüest Partner, 21.12.2020 | Page 29 of 45 |
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Rental unit | Rents | Periods | nominal cashflows | ||||||||||||||||||||||||||||||||
Actual | Market | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | |||||||||||||||||||||||
Tenant | UT | No. | sqm | end [a] | Share | CHF p.a. | CHF p.a. | 01.01.2021 | 01.01.2022 | 01.01.2023 | 01.01.2024 | 01.01.2025 | 01.01.2026 | 01.01.2027 | 01.01.2028 | 01.01.2029 | 01.01.2030 | |||||||||||||||||
- 31.12.2021 | - 31.12.2022 | - 31.12.2023 | - 31.12.2024 | - 31.12.2025 | - 31.12.2026 | - 31.12.2027 | - 31.12.2028 | - 31.12.2029 | -31.12.2030 | |||||||||||||||||||||||||
Epic Restaurant AG | 6 | 803 | 1.8 | 1.1% | 114,600 | 144,800 | 114,120 | 118,624 | 146,252 | 146,983 | 147,718 | 148,456 | 149,199 | 149,945 | 150,694 | 151,448 | ||||||||||||||||||
W | 1 | 256 | 1.8 | 14.5% | 16,654 | 30,720 | 16,654 | 19,093 | 31,028 | 31,183 | 31,339 | 31,496 | 31,653 | 31,811 | 31,971 | 32,130 | ||||||||||||||||||
OP | 3 | 0 | 0.7 | 5.8% | 6,600 | 4,680 | 6,120 | 4,703 | 4,727 | 4,751 | 4,774 | 4,798 | 4,822 | 4,846 | 4,871 | 4,895 | ||||||||||||||||||
G | 2 | 547 | 1.8 | 79.7% | 91,346 | 109,400 | 91,346 | 94,827 | 110,497 | 111,049 | 111,604 | 112,162 | 112,723 | 113,287 | 113,853 | 114,423 | ||||||||||||||||||
Stanley Security S.a.r.l | 13 | 274 | 5.0 | 0.9% | 96,756 | 82,140 | 96,756 | 97,240 | 97,726 | 98,215 | 98,706 | 84,438 | 84,635 | 85,058 | 85,484 | 85,911 | ||||||||||||||||||
W | 1 | 55 | 5.1 | 7.8% | 7,536 | 6,600 | 7,536 | 7,574 | 7,612 | 7,650 | 7,688 | 6,847 | 6,800 | 6,834 | 6,869 | 6,903 | ||||||||||||||||||
OP | 7 | 0 | 5.0 | 15.4% | 14,880 | 10,920 | 14,880 | 14,954 | 15,029 | 15,104 | 15,180 | 11,339 | 11,252 | 11,308 | 11,365 | 11,421 | ||||||||||||||||||
IP | 4 | 0 | 5.0 | 8.9% | 8,640 | 7,680 | 8,640 | 8,683 | 8,727 | 8,770 | 8,814 | 7,874 | 7,913 | 7,953 | 7,993 | 8,033 | ||||||||||||||||||
O | 1 | 219 | 5.0 | 67.9% | 65,700 | 56,940 | 65,700 | 66,029 | 66,359 | 66,690 | 67,024 | 58,378 | 58,670 | 58,963 | 59,258 | 59,554 | ||||||||||||||||||
Prexton Therapeutics | 9 | 220 | 3.0 | 0.8% | 85,500 | 72,560 | 85,378 | 85,517 | 85,653 | 75,997 | 74,193 | 74,393 | 74,764 | 75,138 | 75,514 | 75,891 | ||||||||||||||||||
IP | 8 | 0 | 2.4 | 24.7% | 21,120 | 15,360 | 20,998 | 20,815 | 20,628 | 16,760 | 15,840 | 15,749 | 15,827 | 15,906 | 15,985 | 16,065 | ||||||||||||||||||
O | 1 | 220 | 3.2 | 75.3% | 64,380 | 57,200 | 64,380 | 64,702 | 65,025 | 59,237 | 58,353 | 58,644 | 58,938 | 59,232 | 59,528 | 59,826 | ||||||||||||||||||
Finastra Switzerland GmbH | 12 | 239 | 0.2 | 0.8% | 80,760 | 81,340 | 81,195 | 81,747 | 82,155 | 82,566 | 82,979 | 83,394 | 83,811 | 84,230 | 84,651 | 85,074 | ||||||||||||||||||
IP | 10 | 0 | 0.2 | 18.7% | 15,120 | 19,200 | 18,180 | 19,296 | 19,392 | 19,489 | 19,587 | 19,685 | 19,783 | 19,882 | 19,982 | 20,081 | ||||||||||||||||||
O | 2 | 239 | 0.2 | 81.3% | 65,640 | 62,140 | 63,015 | 62,451 | 62,763 | 63,077 | 63,392 | 63,709 | 64,028 | 64,348 | 64,670 | 64,993 | ||||||||||||||||||
GFI International SA | 6 | 202 | 0.2 | 0.7% | 74,620 | 62,120 | 65,245 | 62,431 | 62,743 | 63,056 | 63,372 | 63,689 | 64,007 | 64,327 | 64,649 | 64,972 | ||||||||||||||||||
IP | 5 | 0 | 0.2 | 16.1% | 12,000 | 9,600 | 10,200 | 9,648 | 9,696 | 9,745 | 9,793 | 9,842 | 9,892 | 9,941 | 9,991 | 10,041 | ||||||||||||||||||
O | 1 | 202 | 0.2 | 83.9% | 62,620 | 52,520 | 55,045 | 52,783 | 53,047 | 53,312 | 53,578 | 53,846 | 54,115 | 54,386 | 54,658 | 54,931 | ||||||||||||||||||
Les Chambres du CTN | 3 | 430 | 2.7 | 0.7% | 71,172 | 66,650 | 71,172 | 71,528 | 70,744 | 67,655 | 67,993 | 68,333 | 68,675 | 69,018 | 69,363 | 69,710 | ||||||||||||||||||
Hot. | 3 | 430 | 2.7 | 100.0% | 71,172 | 66,650 | 71,172 | 71,528 | 70,744 | 67,655 | 67,993 | 68,333 | 68,675 | 69,018 | 69,363 | 69,710 | ||||||||||||||||||
Amico Lab SA | 11 | 155 | 5.0 | 0.7% | 67,914 | 55,900 | 67,914 | 68,254 | 68,595 | 68,938 | 69,283 | 57,312 | 57,598 | 57,886 | 58,176 | 58,466 | ||||||||||||||||||
OP | 10 | 0 | 5.0 | 33.4% | 22,716 | 15,600 | 22,716 | 22,830 | 22,944 | 23,058 | 23,174 | 15,994 | 16,074 | 16,154 | 16,235 | 16,316 | ||||||||||||||||||
O | 1 | 155 | 5.0 | 66.6% | 45,198 | 40,300 | 45,198 | 45,424 | 45,651 | 45,879 | 46,109 | 41,318 | 41,524 | 41,732 | 41,940 | 42,150 | ||||||||||||||||||
Omnitec SA | 4 | 258 | 4.3 | 0.6% | 66,144 | 62,000 | 66,240 | 65,124 | 65,450 | 65,777 | 65,392 | 63,566 | 63,883 | 64,203 | 64,524 | 64,846 | ||||||||||||||||||
W | 2 | 50 | 1.0 | 11.1% | 7,344 | 6,000 | 7,440 | 6,030 | 6,060 | 6,090 | 6,121 | 6,152 | 6,182 | 6,213 | 6,244 | 6,275 | ||||||||||||||||||
IP | 1 | 0 | 4.7 | 4.0% | 2,640 | 1,920 | 2,640 | 2,653 | 2,666 | 2,680 | 2,510 | 1,968 | 1,978 | 1,988 | 1,998 | 2,008 | ||||||||||||||||||
O | 1 | 208 | 4.7 | 84.9% | 56,160 | 54,080 | 56,160 | 56,441 | 56,723 | 57,007 | 56,761 | 55,446 | 55,723 | 56,001 | 56,281 | 56,563 | ||||||||||||||||||
Factor Lead SA | 7 | 183 | 0.9 | 0.6% | 62,400 | 53,920 | 59,099 | 55,966 | 55,506 | 55,041 | 55,120 | 55,282 | 55,558 | 55,836 | 56,115 | 56,395 | ||||||||||||||||||
W | 1 | 7 | 0.0% | 0 | 840 | 0 | 0 | 424 | 853 | 857 | 861 | 866 | 870 | 874 | 879 | |||||||||||||||||||
OP | 1 | 0 | 0.5 | 3.8% | 2,400 | 1,560 | 1,980 | 1,568 | 1,576 | 1,584 | 1,591 | 1,599 | 1,607 | 1,615 | 1,624 | 1,632 | ||||||||||||||||||
IP | 3 | 0 | 0.2 | 11.5% | 7,200 | 5,760 | 6,879 | 6,480 | 6,318 | 6,155 | 5,990 | 5,906 | 5,935 | 5,965 | 5,994 | 6,024 | ||||||||||||||||||
O | 2 | 176 | 1.0 | 84.6% | 52,800 | 45,760 | 50,240 | 47,918 | 47,188 | 46,450 | 46,682 | 46,915 | 47,150 | 47,386 | 47,623 | 47,861 | ||||||||||||||||||
Technoplan Engineering SA | 5 | 201 | 0.5 | 0.6% | 57,272 | 56,740 | 57,505 | 57,887 | 57,934 | 57,980 | 58,025 | 58,174 | 58,464 | 58,756 | 59,050 | 59,345 | ||||||||||||||||||
W | 1 | 4 | 0.5 | 1.0% | 600 | 480 | 540 | 482 | 485 | 487 | 490 | 492 | 495 | 497 | 500 | 502 | ||||||||||||||||||
OP | 2 | 0 | 0.1 | 6.7% | 3,840 | 3,120 | 3,779 | 3,654 | 3,527 | 3,398 | 3,268 | 3,199 | 3,215 | 3,231 | 3,247 | 3,263 | ||||||||||||||||||
IP | 1 | 0 | 0.1 | 4.2% | 2,400 | 1,920 | 2,359 | 2,275 | 2,189 | 2,103 | 2,016 | 1,969 | 1,978 | 1,988 | 1,998 | 2,008 | ||||||||||||||||||
O | 1 | 197 | 0.5 | 88.1% | 50,432 | 51,220 | 50,826 | 51,476 | 51,733 | 51,992 | 52,252 | 52,513 | 52,776 | 53,040 | 53,305 | 53,572 | ||||||||||||||||||
Tavitian SA | 3 | 191 | 2.3 | 0.5% | 51,870 | 49,620 | 51,829 | 51,992 | 51,113 | 50,522 | 50,677 | 50,873 | 51,127 | 51,383 | 51,640 | 51,898 | ||||||||||||||||||
W | 1 | 14 | 2.4 | 3.2% | 1,680 | 1,680 | 1,680 | 1,688 | 1,697 | 1,705 | 1,714 | 1,722 | 1,731 | 1,740 | 1,748 | 1,757 | ||||||||||||||||||
IP | 1 | 0 | 0.1 | 4.6% | 2,400 | 1,920 | 2,359 | 2,275 | 2,189 | 2,103 | 2,016 | 1,969 | 1,978 | 1,988 | 1,998 | 2,008 | ||||||||||||||||||
O | 1 | 177 | 2.4 | 92.1% | 47,790 | 46,020 | 47,790 | 48,029 | 47,226 | 46,714 | 46,947 | 47,182 | 47,418 | 47,655 | 47,893 | 48,133 | ||||||||||||||||||
KBI Biopharma SA | 2 | 142 | 1.0 | 0.4% | 42,400 | 44,600 | 42,400 | 42,835 | 43,493 | 44,157 | 44,827 | 45,502 | 45,955 | 46,185 | 46,416 | 46,648 |
102688.2001 | 101-4423-115 | Plan-les-Ouates, Chemin des Aulx 8-18 | Created by Wüest Partner, 21.12.2020 | Page 30 of 45 |
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102688.2001 | 101-4423-115 | Plan-les-Ouates, Chemin des Aulx 8-18 | Created by Wüest Partner, 21.12.2020 | Page 31 of 45 |
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Expenses/budget
Statement | Budget | Total | ||||||||||||||||||||||||||||
-5 | -4 | -3 | -2 | -1 | consolidated | 1 | 2 | 3 | 4 | 5 | consolidated | consolidated | Share | |||||||||||||||||
01.01.2015 | 01.01.2016 | 01.01.2017 | 01.01.2018 | 01.01.2019 | Average | Average | Average | % project. | ||||||||||||||||||||||
- 31.12.2015 | - 31.12.2016 | - 31.12.2017 | - 31.12.2018 | -31.12.2019 | ||||||||||||||||||||||||||
Income | ||||||||||||||||||||||||||||||
Est. rental inc. | 10,329,202 | 10,293,866 | 10,484,874 | 10,805,937 | 10,332,550 | 10,449,286 | 10,449,286 | 100.0% | ||||||||||||||||||||||
Office | 10,329,202 | 10,293,866 | 10,484,874 | 10,805,937 | 10,332,550 | 10,449,286 | 10,449,286 | 100.0% | ||||||||||||||||||||||
Vacancy | 0 | 0 | 0 | 0 | 0.0% | |||||||||||||||||||||||||
Income losses | 34,841 | 6,968 | 6,968 | 0.1% | ||||||||||||||||||||||||||
Actual gross income | 10,294,361 | 10,293,866 | 10,484,874 | 10,805,937 | 10,332,550 | 10,442,318 | 10,442,318 | 99.9% | ||||||||||||||||||||||
Costs | ||||||||||||||||||||||||||||||
Operating costs | 331,957 | 353,953 | 656,101 | 621,632 | 570,926 | 506,914 | 506,914 | 4.9% | ||||||||||||||||||||||
Operating costs % | 3.21% | 3.44% | 6.26% | 5.75% | 5.53% | 4.85% | 4.85% | 4.9% | ||||||||||||||||||||||
Insurance | 105,150 | 105,151 | 105,151 | 119,026 | 103,911 | 107,678 | 107,678 | 1.0% | ||||||||||||||||||||||
Property management | 226,807 | 248,802 | 309,939 | 312,824 | 258,878 | 271,450 | 271,450 | 2.6% | ||||||||||||||||||||||
Other expenditures | 0 | 0 | 65,011 | 13,782 | 32,137 | 22,186 | 22,186 | 0.2% | ||||||||||||||||||||||
Property taxes | 0 | 0 | 176,000 | 176,000 | 176,000 | 105,600 | 105,600 | 1.0% | ||||||||||||||||||||||
Janitorial services | 0 | 0 | 0 | 0 | 0.0% | |||||||||||||||||||||||||
Utilities | 0 | 0 | 0 | 0 | 0.0% | |||||||||||||||||||||||||
Maintenance costs | 1,070,979 | 1,166,997 | 391,345 | 378,414 | 376,995 | 676,946 | 676,946 | 6.5% | ||||||||||||||||||||||
Maintenance costs % | 10.37% | 11.34% | 3.73% | 3.50% | 3.65% | 6.48% | 6.48% | 6.5% | ||||||||||||||||||||||
Maintenance and repair | 1,070,979 | 1,166,997 | 391,345 | 378,414 | 376,995 | 676,946 | 676,946 | 6.5% | ||||||||||||||||||||||
Ground lease fee (costs) | 323,416 | 323,416 | 323,416 | 253,979 | 277,124 | 300,270 | 300,270 | 2.9% | ||||||||||||||||||||||
Total costs | 1,726,352 | 1,844,366 | 1,370,862 | 1,254,025 | 1,225,045 | 1,484,130 | 1,484,130 | 14.2% | ||||||||||||||||||||||
Total net income | 8,568,009 | 8,449,500 | 9,114,012 | 9,551,912 | 9,107,505 | 8,958,188 | 8,958,188 | 85.7% |
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Projected accounts summary
Statement | Annuity | Periods | nominal cashflows | ||||||||||||||||||||||||||||
CHF p.a. | CHF p.a. | % | Q. | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | Exit | ||||||||||||||||
project. | ||||||||||||||||||||||||||||||
01.01.2012 | 01.01.2021 | 01.01.2021 | 01.01.2022 | 01.01.2023 | 01.01.2024 | 01.01.2025 | 01.01.2026 | 01.01.2027 | 01.01.2028 | 01.01.2029 | 01.01.2030 | 01.01.2031 | ||||||||||||||||||
- 31.12.2019 | - 31.12.2021 | - 31.12.2022 | - 31.12.2023 | - 31.12.2024 | - 31.12.2025 | - 31.12.2026 | - 31.12.2027 | - 31.12.2028 | - 31.12.2029 | - 31.12.2030 | ||||||||||||||||||||
Income | ||||||||||||||||||||||||||||||
Est. rental inc. | 10,449,286 | 10,131,734 | 100.0% | 10,980,926 | 10,661,555 | 10,581,358 | 10,385,216 | 10,414,914 | 10,391,895 | 10,337,737 | 10,379,950 | 10,431,850 | 10,484,009 | 10,536,429 | ||||||||||||||||
Vacancy | 0 | 588,136 | 5.8% | 121,111 | 308,215 | 397,538 | 523,965 | 551,585 | 603,708 | 656,965 | 673,348 | 676,715 | 680,099 | 683,499 | ||||||||||||||||
Income losses | 6,968 | 0 | 0.0% | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||
Other income | 25,000 | 0.2% | 25,000 | 25,125 | 25,251 | 25,377 | 25,504 | 25,631 | 25,759 | 25,888 | 26,018 | 26,148 | 26,279 | |||||||||||||||||
Actual gross income | 10,442,318 | 9,568,598 | 94.4% | 10,884,815 | 10,378,465 | 10,209,071 | 9,886,628 | 9,888,832 | 9,813,819 | 9,706,532 | 9,732,490 | 9,781,152 | 9,830,058 | 9,879,208 | ||||||||||||||||
Costs | ||||||||||||||||||||||||||||||
Operating costs | 506,914 | 1,073,587 | 10.6% | 81% | 1,116,046 | 1,102,913 | 1,101,752 | 1,094,808 | 1,099,171 | 1,100,912 | 1,101,111 | 1,106,143 | 1,111,673 | 1,117,232 | 1,122,818 | |||||||||||||||
% | 4.85% | 10.60% | 10.16% | 10.34% | 10.41% | 10.54% | 10.55% | 10.59% | 10.65% | 10.66% | 10.66% | 10.66% | 10.66% | |||||||||||||||||
Insurance | 107,678 | 101,317 | 1.0% | 63% | 109,809 | 106,616 | 105,814 | 103,852 | 104,149 | 103,919 | 103,377 | 103,799 | 104,318 | 104,840 | 105,364 | |||||||||||||||
Property management | 271,450 | 405,269 | 4.0% | 60% | 439,237 | 426,462 | 423,254 | 415,409 | 416,597 | 415,676 | 413,509 | 415,198 | 417,274 | 419,360 | 421,457 | |||||||||||||||
Other expenditures | 22,186 | 163,000 | 1.6% | 79% | 163,000 | 163,815 | 164,634 | 165,457 | 166,285 | 167,116 | 167,952 | 168,791 | 169,635 | 170,483 | 171,336 | |||||||||||||||
Property taxes | 105,600 | 404,000 | 4.0% | 95% | 404,000 | 406,020 | 408,050 | 410,090 | 412,141 | 414,202 | 416,273 | 418,354 | 420,446 | 422,548 | 424,661 | |||||||||||||||
Janitorial services | 0 | 0 | 0.0% | 10% | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||
Utilities | 0 | 0 | 0.0% | 10% | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||
Maintenance costs | 676,946 | 300,000 | 3.0% | 42% | 300,000 | 301,500 | 303,008 | 304,523 | 306,045 | 307,575 | 309,113 | 310,659 | 312,212 | 313,773 | 315,342 | |||||||||||||||
% | 6.48% | 2.96% | 2.73% | 2.83% | 2.86% | 2.93% | 2.94% | 2.96% | 2.99% | 2.99% | 2.99% | 2.99% | 2.99% | |||||||||||||||||
Maintenance and repair | 676,946 | 300,000 | 3.0% | 42% | 300,000 | 301,500 | 303,008 | 304,523 | 306,045 | 307,575 | 309,113 | 310,659 | 312,212 | 313,773 | 315,342 | |||||||||||||||
Refurbishment costs | 1,354,584 | 13.4% | 61% | 1,283,000 | 500,490 | 0 | 0 | 3,185,930 | 0 | 0 | 4,142,118 | 0 | 0 | 1,719,383 | ||||||||||||||||
% | 13.37% | 11.68% | 4.69% | 0.00% | 0.00% | 30.59% | 0.00% | 0.00% | 39.90% | 0.00% | 0.00% | 16.32% | ||||||||||||||||||
Refurbishment | 1,354,584 | 13.4% | 61% | 1,283,000 | 500,490 | 0 | 0 | 3,185,930 | 0 | 0 | 4,142,118 | 0 | 0 | 1,719,383 | ||||||||||||||||
Ground lease fee (costs) | 300,270 | 277,125 | 2.7% | 277,125 | 278,511 | 279,903 | 281,303 | 282,709 | 284,123 | 285,543 | 286,971 | 288,406 | 289,848 | 291,297 | ||||||||||||||||
Total costs | 1,484,130 | 3,005,296 | 29.7% | 2,976,171 | 2,183,413 | 1,684,663 | 1,680,634 | 4,873,855 | 1,692,610 | 1,695,768 | 5,845,890 | 1,712,291 | 1,720,853 | 3,448,841 | ||||||||||||||||
Total net income | 8,958,188 | 6,563,302 | 64.8% | 7,908,644 | 8,195,052 | 8,524,408 | 8,205,994 | 5,014,977 | 8,121,208 | 8,010,764 | 3,886,600 | 8,068,861 | 8,109,205 | 6,430,368 |
Other income
- Additional income from visitors parking space estimated at CHF 25,000.- p.a.
Property taxes: 2.0‰ of the tax value, capitalized with the rent revenues after deduction of the ground lease rent at 4.88% (average of the last 5 years of the allowed rate in 2020 by the “AFC - Administration Fiscale Cantonale” for commercial real estate located in other construction zoning than “zone de construction 1 & 2”)
Following repair costs in real terms are foreseen in the years 1-10 :
- 2021: Total costs CHF 1,283,000.- (essentially facades renovation, tenant improvement, energy measures).
- 2022: Total costs CHF 498,000.-.
- 2025: Total costs CHF 3,123,000.- .
- 2028: heating system and pipes renovation for approx. CHF 4,000,000.- (Wüest Partner assumption).
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Sensitivity analysis
Change in annuities | Variation of discount rate (base points) | |||||||||||||||||||||||||||||||
Presentation in absolute terms | Presentation in relative terms | |||||||||||||||||||||||||||||||
Change | Annuity | +30 | +20 | +10 | +/- | -10 | -20 | -30 | +30 | +20 | +10 | +/- | -10 | -20 | -30 | |||||||||||||||||
[Rate in %] | [CHF, %] | 5.10% | 5.00% | 4.90% | 4.80% | 4.70% | 4.60% | 4.50% | 5.10% | 5.00% | 4.90% | 4.80% | 4.70% | 4.60% | 4.50% | |||||||||||||||||
Target rental income | -10% | 9,118,561 | 112,810,000 | 115,070,000 | 117,410,000 | 119,860,000 | 122,410,000 | 125,070,000 | 127,850,000 | -20% | -18% | -17% | -15% | -13% | -11% | -9% | ||||||||||||||||
-5% | 9,625,147 | 122,740,000 | 125,200,000 | 127,750,000 | 130,410,000 | 133,190,000 | 136,080,000 | 139,110,000 | -13% | -11% | -9% | -7% | -6% | -3% | -1% | |||||||||||||||||
+0% | 10,131,734 | 132,680,000 | 135,330,000 | 138,090,000 | 140,970,000 | 143,970,000 | 147,100,000 | 150,370,000 | -6% | -4% | -2% | 0% | 2% | 4% | 7% | |||||||||||||||||
+5% | 10,638,321 | 142,610,000 | 145,460,000 | 148,430,000 | 151,520,000 | 154,750,000 | 158,110,000 | 161,620,000 | 1% | 3% | 5% | 7% | 10% | 12% | 15% | |||||||||||||||||
+10% | 11,144,908 | 152,540,000 | 155,590,000 | 158,770,000 | 162,080,000 | 165,520,000 | 169,120,000 | 172,880,000 | 8% | 10% | 13% | 15% | 17% | 20% | 23% | |||||||||||||||||
Vacancy | +100% | 11.61% | 121,140,000 | 123,570,000 | 126,090,000 | 128,720,000 | 131,450,000 | 134,310,000 | 137,300,000 | -14% | -12% | -11% | -9% | -7% | -5% | -3% | ||||||||||||||||
+50% | 8.71% | 126,910,000 | 129,450,000 | 132,090,000 | 134,840,000 | 137,710,000 | 140,700,000 | 143,830,000 | -10% | -8% | -6% | -4% | -2% | -0% | 2% | |||||||||||||||||
+0% | 5.80% | 132,680,000 | 135,330,000 | 138,090,000 | 140,970,000 | 143,970,000 | 147,100,000 | 150,370,000 | -6% | -4% | -2% | 0% | 2% | 4% | 7% | |||||||||||||||||
-50% | 2.90% | 138,440,000 | 141,210,000 | 144,090,000 | 147,090,000 | 150,220,000 | 153,490,000 | 156,900,000 | -2% | 0% | 2% | 4% | 7% | 9% | 11% | |||||||||||||||||
-100% | 0.00% | 144,210,000 | 147,090,000 | 150,090,000 | 153,220,000 | 156,480,000 | 159,880,000 | 163,440,000 | 2% | 4% | 6% | 9% | 11% | 13% | 16% | |||||||||||||||||
Repair costs | -10% | 1,219,126 | 135,330,000 | 138,040,000 | 140,860,000 | 143,790,000 | 146,850,000 | 150,040,000 | 153,380,000 | -4% | -2% | -0% | 2% | 4% | 6% | 9% | ||||||||||||||||
-5% | 1,286,855 | 134,000,000 | 136,680,000 | 139,470,000 | 142,380,000 | 145,410,000 | 148,570,000 | 151,870,000 | -5% | -3% | -1% | 1% | 3% | 5% | 8% | |||||||||||||||||
+0% | 1,354,584 | 132,680,000 | 135,330,000 | 138,090,000 | 140,970,000 | 143,970,000 | 147,100,000 | 150,370,000 | -6% | -4% | -2% | 0% | 2% | 4% | 7% | |||||||||||||||||
+5% | 1,422,313 | 131,350,000 | 133,970,000 | 136,710,000 | 139,560,000 | 142,530,000 | 145,620,000 | 148,860,000 | -7% | -5% | -3% | -1% | 1% | 3% | 6% | |||||||||||||||||
+10% | 1,490,042 | 130,020,000 | 132,620,000 | 135,330,000 | 138,150,000 | 141,090,000 | 144,150,000 | 147,360,000 | -8% | -6% | -4% | -2% | 0% | 2% | 5% | |||||||||||||||||
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Quality profile
Weighting | Rating | Comments | |||||
Commercial | 100 | 3.6 - Above-average | |||||
Location | 40 | 3.6 - Above average | |||||
Macro-location | 10 | 4.7 - Very good | |||||
Micro-location | 50 | 3.3 - Above average | |||||
Office | 25 | 3.3 - Above average | |||||
Infrastructure | 30 | 3.0 - Average | |||||
Clustering | 20 | 2.0 - Moderate | |||||
Terrain | 50 | 4.0 - Good | |||||
Retail | 25 | 3.3 - Above average | |||||
Infrastructure | 30 | 3.0 - Average | |||||
Clustering | 20 | 2.0 - Moderate | |||||
Terrain | 50 | 4.0 - Good | |||||
Industry | 25 | 3.3 - Above average | |||||
Infrastructure | 30 | 3.0 - Average | |||||
Clustering | 20 | 2.0 - Moderate | |||||
Terrain | 50 | 4.0 - Good | |||||
Gastronomy | 25 | 3.3 - Above average | |||||
Infrastructure | 30 | 3.0 - Average | |||||
Clustering | 20 | 2.0 - Moderate | |||||
Terrain | 50 | 4.0 - Good | |||||
Property | 40 | 3.8 - Good | |||||
Usability | 20 | 4.0 - Good | |||||
Room quality | 50 | 4.0 - High | |||||
Flexibility | 30 | 4.0 - High | |||||
Parking / allotment | 20 | 4.0 - Good | |||||
Standard | 10 | 3.7 - Slightly above-average | |||||
Building shell | 33 | 4.0 - Upmarket | |||||
Interior fit-out | 33 | 3.5 - Slightly above-average | |||||
Technical installations | 33 | 3.5 - Slightly above-average | |||||
Condition | 20 | 3.7 - Sound to good | |||||
Building shell | 20 | 3.5 - Sound to good | |||||
Interior fit-out | 50 | 3.5 - Sound to good | |||||
Technical installations | 30 | 4.0 - Good |
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Weighting | Rating | Comments | |||||
Investment | 20 | 3.5 - Above-average | |||||
Lettability | 33 | 4.0 - Good | |||||
Saleability | 33 | 3.0 - Average | |||||
Income risk | 33 | 3.0 - Average | |||||
Total | |||||||
Macro-location | 10 | 4.7 - Very good | |||||
Micro-location | 50 | 3.3 - Above average | |||||
Usability | 20 | 4.0 - Good | |||||
Standard | 10 | 3.7 - Slightly above-average | |||||
Condition | 20 | 3.7 - Sound to good | |||||
Investment | 20 | 3.5 - Above-average |
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Photo documentation
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Maps
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Plans
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Context
Order
Wüest Partner was commissioned by Eldista GmbH to value briefly (indication of value) the property in question as at 1st of January 2020. The property will be valued according to the accounting standards of IFRS and to the definition of market value from “International Valuation Standards Committe” (IVSC), which reads as follows :”Market value is the estimated amount for which a property should exchange on the date of valuation between a willing buyer and a willing seller in an arm's length transaction after proper marketing wherein the parties had each acted knowledgably, prudently and without compulsion.”
Assumption
The valuations are based on the following general assumptions:
● The property has been appraised as continuation scenario. That means, that no change of use scenarios have been calculated as well that would result to a higher value.
● A one-period DCF model was adopted. The valuation period extends for 100 years from the valuation date, with an implicit residual value in the 11th period.
● Discounting is based on a risk-adjusted real interest rate. Rates are determined individually for each property on the basis of appropriate benchmarks derived from arm's-length transactions. They may be broken down as follows: risk-free interest rate + property risk (immobility of capital) + premium for macro-location + premium for micro-location depending on use + premium for property quality and income risk + any other specific premiums. - Unless otherwise stated, the valuations assume 1% annual inflation for income and all expenditure. Where a nominal discount rate is applied, this is adjusted accordingly.
● Credit risks posed by specific tenants are not explicitly factored into the valuation.
● Allowance is made for the specific indexing provisions in existing leases. An indexing factor of 80% (Swiss average) is assumed for the period following lease expiry.
● For existing tenancies, the timing of individual payments is assumed to comply with the terms of the lease. Following lease expiry, cash flows for commercial premises are taken to be quarterly in advance, for housing monthly in advance.
● In terms of running costs, entirely separate service charge accounts are assumed, with no tenancy-related ancillary costs to be borne by the owner.
● The maintenance (repair and upkeep) costs were calculated by means of a life cycle analysis of the individual building elements. The building structure's remaining lifespan was estimated and periodic refurbishments modelled on the basis of the general condition of the fabric as determined during the property inspection. Appropriate annual reserves were calculated accordingly and plausibility tested using comparables and Wüest & Partner's own benchmarks. The calculation factors in 100% of repair costs in the first 10 years; the
proportion applied from year 11 onwards is limited to the value-preserving investments (recoverable share). Disclaimer
Disclaimer
The commissioned valuation and, in particular, the forecasts presented therein were prepared by Wüest & Partner AG to the best of its knowledge and with due observance of current professional standards. The valuation is based on:
● site inspection (see list of documents);
● the documentation provided by the client, the absolute correctness of which is assumed;
● the relevant experience of Wüest & Partner AG in this field.
Wüest & Partner did not investigate any legal issues surrounding the properties. Nor did it examine any rent-law or rent-control issues; in particular the landlord assures that no federal, cantonal or municipal restrictions apply.
In the documentation provided by Eldista GmbH, floor spaces were estimated by the propertymanager. On the visit the lettable areas (main effective area) have been verified as good as possible by Wüest & Partner. Given that fact the accuracy of square-metre data could not be guaranteed by Wüest & Partner.
The valuation was performed with reference to a specific valuation date and may be affected by subsequent events for which no allowance can be made at the present time. A revaluation shall become necessary should any such events occur.
Value and price may diverge. No allowance can be made in this valuation for any circumstances affecting the price.
The valuation was performed by Wüest & Partner AG independently and neutrally in conformity with its business policies. No conflicts of interest of any kind exist. The valuation was carried out solely for those purposes specified above; Wüest & Partner shall accept no liability in respect of third parties other than that mentioned above.
Method
The valuation of the main property uses the discounted cash-flow (DCF) method. With this method, the Current Market Value of a property is determined as the total of all projected future net earnings (before interest, taxes, depreciation and amortization) discounted to present-day equivalents. These net earnings are discounted individually for each property with due allowance for specific opportunities and threats, and with adjustment in line with market conditions and risks. All projected cash flows are presented to ensure maximum transparency.
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Documentation index
Basics | Available | Appendix | Date | Broker | Source | Comment | ||||||
Land registry sheet | 02.12.2011 | Registre foncier | ||||||||||
Leasehold documentation | 02.05.2018 | Amendments 2018 | ||||||||||
Land register plan | ||||||||||||
Building and zoning regulation | 07.12.2011 | www.sitg.ch | Online Information | |||||||||
Preservation order | ||||||||||||
Contaminated site | 07.12.2011 | www.sitg.ch | Online Information | |||||||||
Picture documentation | 21.11.2011 | Wüest Partner | ||||||||||
Site visit | 21.11.2011 | Wüest Partner | ||||||||||
Property management | Available | Appendix | Date | Broker | Source | Comment | ||||||
Area list | 31.12.2020 | ImmoDreil | as at 31.12.2020 | |||||||||
Net rents | 31.12.2020 | ImmoDreil | ||||||||||
Ancillary costs | 31.12.2020 | ImmoDreil | ||||||||||
Net rent area | 31.12.2020 | ImmoDreil | ||||||||||
Contracts of business tenants | 31.12.2020 | ObsEva, Anura, Finastra, LA Factor | ||||||||||
Turnover sales | ||||||||||||
Property expenses | 31.12.2019 | InterExperts SA | 2013-2019 | |||||||||
Property budget | Mc Cafferty Asset Management | 2021 forecast | ||||||||||
Investment planning | ||||||||||||
Construction | Available | Appendix | Date | Broker | Source | Comment | ||||||
Building insurance certificate (BIC) | 27.04.2005 | Winterthur | ||||||||||
Building volume (BIC) | ||||||||||||
Construction year (BIC) | ||||||||||||
Building permit | ||||||||||||
Building plans | 01.01.2003 | CTN SA | ||||||||||
Building specification | ||||||||||||
Areas/volume | ||||||||||||
Building services information | ||||||||||||
Investment expenditure | ||||||||||||
Track record of maintenance/renovation | ||||||||||||
Condition analysis | ||||||||||||
Miscellaneous | Available | Appendix | Date | Broker | Source | Comment | ||||||
Capex table year 2011-2020 | Mc Cafferty Asset Management | Frank Knight and MIBAG - A+W | ||||||||||
CTN repairs 2017 | 31.12.2017 | Mc Cafferty Asset Management | ||||||||||
CTN OPEX 2019 | 31.12.2019 | Optibase holdings | ||||||||||
CAPEX budget 2021 | 31.12.2020 | Swiss Real Management |
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Glossary
Actual Rental Income: The actual rental income represents the target rental income minus other losses of income.
Annuity: In the portfolio report, an annuity is used for a constant value over a given period(s). The annuity of the values for the first ten periods is abbreviated by “Ann. 1-10” and, corresponding to that, with “Ann. 11” for the eleventh period.
Benchmarks: Benchmarks represent a reference value. The portfolio report shows the difference in percentage from the Swiss median (50% percentile) of the average rental income per square meter (per usage type: residential, office, retail and industry/trade).
Budget: The budget contains projected values for costs and revenues, according to the information provided by the owner or the property manager. See also statements.
Calculated end of contract (also called «end» in the report): The calculated end is the time difference in years as of the valuation date. Real options, early breaks, as well as the next termination dates and periods of notice for all uses are also taken into account in the calculation, if they are actually used in the valuation. The calculated end can differ due to the different definition of WAULT (see also definition of WAULT).
Capital growth return: The change in value (capital growth) is primarily caused by market developments and the investments made in the given period. Capital growth return = market value (end) - market value (start) - capital expenditure + capital revenue/market value (start) + capital expenditure. See Swiss Valuation Standards (SVS), 2017.
Cashflow: In general, a cashflow is a financial stream of either income or expenses.
Cash flow yield: Cash flow/market value (start date) + capital expenditure. See Swiss Valuation Standards (SVS), 2017.
Community Type: A summary of the community grouping produced by the Federal Office for Statistics (BfS).
Condition: Condition represents a qualitative assessment of the condition of the outer shell as well as the condition of the inside as well as services of the property. It is deduced in the quality profile of the property.
Condominium Ownership: Condominium ownership is a special kind of co-ownership. It is the co-ownership share of a plot, which gives the co-owner the special right of sole use and internal fit-out of distinct parts of a building (Civil Code Art. 712a-712t)
Contract (as % of income) Fix: «Contract Fix» represents the percentage of expected total future rental income contractually secured at the present time.
Co-ownership: Should several persons possess a unit (property) in fractions and without external divisions, they are classified as co-owners (Civil Code Art.646-651).
Current: Values valid as per the valuation date (date of the rent roll).
Discount Rate: The discount rate is the percentage rate used to discount all cash flows. The level of the chosen discount rate (per cashflow or valuation) reflects the risk assessment.
Distribution by Percentile: Summary A shows which revenue share per usage type (residential, office, retail, business) of the portfolio lies in each percentile segment.
E-Notation: The scientific notation used in Wüest Dimensions is the exponential expression (for base 10), for thousands: Xe3, for millions: Xe6 and for billions: Xe9 (X stands for any number).
Gross Yield: Two types of gross yields are shown: The current gross yield is defined as the proportion of today’s (current) target rental income as a share of market value. The gross annuity yield, the second measurement, is the rental income annuity as a percentage of the market value.
Ground Lease Income/Costs: Ground lease income or costs include income or costs arising from a ground lease contract (in accordance with Civil Code Art. 779 a. ff)
Income Losses: Income losses reflect the sum of all reductions to the target rental income (e.g. vacancy).
Lease (as % of income) + Option: «+Option» represents the percentage of the total rental income represented by «Contract Fix» plus the contractually guaranteed rental income, which is secured by means of a real or tenant-side-only contract renewal option.
Lease (as % of income) indexed: «Indexed» represents the average degree of indexation of the contracted rental positions.
Location Quality: The location quality of a property is a measure of the quality of the location. It is derived by combining both the macro location rating (location of the municipality within Switzerland) and the micro location rating (location of the property within the municipality).
Macro location: The macro location represents the quality of the local real estate market for the corresponding municipality. The basis for this measurement is a comprehensive, use-related municipal rating by Wüest Partner.
Maintenance Costs: The maintenance costs consist of the costs for upkeep and repair.
Maintenance or Upkeep costs (M): The upkeep costs are also referred to as “normal maintenance”. Upkeep measures include all measures undertaken to ensure the continued use of the property (e.g. service work, minor repairs).
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Market Matrix: The market matrix displays all properties in the portfolio according to the location quality (X-axis) and the property quality (Y-axis) depicted. The matrix is divided into nine segments (I to IX). If a property is located in the segment I, for example, this is classified as a top or prime property.
Market Value (MV): The market value is the estimated amount for which an asset should exchange on the date of valuation between a willing buyer and a willing seller in an arm’s-length transaction after proper marketing, wherein the parties had each acted knowledgeably, prudently and without compulsion.
Median: The median refers to a statistical measurement. It divides a number of values into two halves. 50% of the values are lower than the median and 50% are greater the median (median = 50% percentile).
Micro Location: The micro location describes the position of the property within the community. It is determined by factors such as access to public transport, topography of the plot (e.g. south-facing), shopping availability, etc. The assessments are recorded in the quality profile of the property.
MIRR – Modified internal rate of return: IRR is also known as the internal rate of return. In Wüest Dimensions, the modified IRR (MIRR) is being utilised. The MIRR is an indicator that reflects the attractiveness of an initial investment in view of future cash flows. In investment planning, the MIRR can be used to calculate various scenarios. In the DCF calculation, the MIRR is understood as a weighted discount rate or a backward calculation of the discount rate. The MIRR is currently regarded as the best method of calculating the IRR and also takes into account the conclusiveness and payment modality of all present values in the DCF calculation.
Net Yield: The net yield is the ratio of the net income annuity to the calculated market value of the property.
Nominal: Cash flows and values that are reported in nominal terms are not adjusted for inflation.
Overall Coefficient: The overall coefficient for each property is derived from the weighted average of the quality coefficients for the macro location, micro location, condition, standard, and usability.
Percentiles: Distribution indicators, which segment a range of values. The 50-percent-percentile marks the border between the higher-priced and the lower priced halves of values. Correspondingly, the 10-percent percentile marks the border between the lowest 10 percent values and the remaining values.
Period: The valuation period is divided into a certain number of equally large units of time (usually one year). Such a unit of time is called a period.
Portfolio: A collection of several property valuations is summarised in a portfolio.
Potential: The anticipated long-term and sustainable development of the revenues or costs is projected using an assessment of the estimated market value or “potential” for both revenues and costs (particularly rent income).
Projected Rental Income (Projected): The target or projected rental income is the sum of all rental income (including vacancies).
Property Accounts: The property accounts include the historical cost and revenue values as supplied by the owners or property management.
Property Quality: The property quality is a measurement of the quality of a property taking into account the property’s condition, prevailing standards, usability and usage-mix. The information required to determine the quality of the property is taken from the quality profile of the property.
Property Type (P-type): The following property types are recognised: residential property, residential/commercial property, commercial property (solely for commercial use), special property, ground lease property and building land.
Quality Coefficient: A market-value-weighted-average of the corresponding quality factor for each property. Factors include: macro location, micro location, condition, standard and usability.
Real: Real values shown are adjusted for inflation, in other words, deflated. Therein the nominal measurement or value is divided by a price index (e.g. CPI).
Region (Properties by -): Switzerland is divided by Wüest Partner into eight monitoring regions. This regionalisation is again based on a regional division of Switzerland – the so-called 106 MS – regions which was undertaken by the Federal Office for Statistics (BfS).
Rental Income: The rental income shows the current income generated by the letting of rental units and for each usage type i.e. residential, office, retail, industry/trade, special uses and other uses. The annuity is expressed as CHF per m2
Repair Costs (R): The repair costs are also known as “extraordinary maintenance”. They cover all investments that fully replace significant building components and/or are accompanied by a marked qualitative improvement. These may include value-adding investments.
Running or Operating Costs: Running or Operating costs are those costs carried by the owner of the property, incurred during operation and not (fully) passed on to the tenants (e.g. insurance premiums, administrative costs).
Sensitivity analysis (approximate): The deviating market values in the sensitivity analysis are derived approximately using a simplified model calculation; these market values may therefore differ from a detailed DCF valuation.
Sole Ownership: The owner of the property is a single private or legal entity.
Standard: The Standard represents the qualitative assessment of a building reflecting the existing spatial conditions, the materialisation and installed building services. The standard is a part of the quality profile.
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Tenant list and use-type abbreviations: – No. = Number
– Share of fixed-term contracts = Share of secured fixed-term contracts
– Opt. share = Share of secured contracts with real option extension
– End [a] = Calculated end of contract (see separate entry)
– Fl. = Floor
– Index % = Share of inflation that can be passed on to the tenant under tenancy law
– Vac. = Vacancy (market)
– Trans. per. [a] = Transition period in years between current rent and market rent (see separate entry)
– Rms = Number of rooms per apartment
Uses
– OA = Outside area
– O = Offices
– LCE = Leisure/culture/education
– I = Industry
– C = Catering
– H = Health
– H = Hotel
– W = Warehouse
– CSU = Commercial secondary use
– RSU = Residential secondary use
– OP = Outdoor parking
– IP = Indoor parking (parking space)
– SUwA = Special use with area
– SUwoA = Special use without area
– R = Retail
– R = Residential
Total Income: The total revenue includes the target or projected rental income plus any other income (e.g. ground lease revenues, sales revenues, etc.) minus any revenue losses.
Total Net Income: Total net income is calculated as the total of all income minus all costs.
Total Ownership: Owners of the property are several natural or legal persons who are in close (legal) relationship with each other. See, Civil Code Art. 652 - 654.
Total return: The total return of a property is made up of the cash flow of a given period and the change in value from the preceding period.
Usability: Usability measures the quality of the property in respect of: the floor layout, the flexibility of the building structure, the connectivity of the plot, etc. It is recorded in the quality profile of the property.
Usage Area (UA): The usage area is part of the net floor area (NFA), which, in general, serves the overall purpose and use of the building.
Vacancy: A rental unit is deemed to be empty and as such vacant if, as per the rent roll date, no rental contract exists for this rental unit.
WAULT: The WAULT (Weighted Average Unexpired Lease Term) adds up the weighted average remaining terms of contractually fixed rents in a portfolio (up to the earliest possible termination date without extension options). The WAULT must be reported in years.
The uses to be taken into account are:
- | Office, hotel, sales, practices, hospitality, warehouse and other commercially used properties |
- | Unlimited rental contracts with a term of 6 months are taken into account for the calculation. |
Property types not to be considered are:
- | Apartments, parking spaces, advertising space, cellar/attic |
- | Vacancies are not taken into account |
See definition «SFAMA FI Kennzahlen Immofonds_d_160913»
102688.2001 | 101-4423-115 | Plan-les-Ouates, Chemin des Aulx 8-18 | Created by Wüest Partner, 21.12.2020 | Page 45 of 45 |
Exhibit (c)(2)
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Market value | CHF 25,070,000 | |
Valuation date | 01.04.2020 | |
Valuation purpose | Update | |
Customer | Optibase RE1, 45, boulevard Napoléon, 1120 Luxembourg, Luxembourg Yakir Ben Naim, +972-54-456-3894 | |
Project reference number (PRN) | 118318 | |
Valuation Id | 101-17096-100 | |
Project manager | Moritz Menges, Wüest Partner, +41 44 289 91 76 | |
Bleicherweg 5, 8001 Zürich, Switzerland | ||
Site visit date | 17.12.2012 | |
Site visited by | Wüest Partner / R. Paul |
Desktop Valuation as at 1 April 2020
DRAFT
Assumptions:
● The current valuation is based on the valuation report performed as at 1-1-2013.
● The rent roll provided by the client assumed to be valid as at the date of valuation.
● All lease contracts included in the valuation report are expected to be signed as at the date of valuation, although not all of them are signed until the preparation of the report (e.g. Gondrand prolongation currently not signed).
118318 | 101-17096-100 | Rümlang, Riedmattstrasse 9 | Created by Wüest Partner, 26.03.2020, DRAFT - Desktop Valuation as at 1 April 2020 | Page 1 of 31 |
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Summary
Property condition | ||
Commercial property
Riedmattstrasse 9
WGS84: 47.460779 / 8.523837 |
||
Property unit | ||
Reference number | ||
Owner | Optibase RE1 | |
Type of ownership | Sole ownership | |
Construction year | 1989 | |
Last renovated | 2011 | |
Customer | Optibase RE1 | |
Contact person | Yakir Ben Naim | |
yakirb@optibase-holdings.com | ||
Project manager | Moritz Menges | |
moritz.menges@wuestpartner.com | ||
Valuer | Roger Blumenthal | |
roger.blumenthal@wuestpartner.com |
Results | ||||
Market values | CHF | CHF/m2 LA | ||
Market value | 25,070,000 | 2,025 | ||
Building insurance value | 35,350,000 | 2,855 | ||
Repair cost years 1 to 10 | 7,346,050 | 593 | ||
Inflation | 0.50% | |||
Discount rate real/nominal | 3.80% | 4.32% | ||
Net capitalisation rate (exit) | 3.80% | |||
Net/gross yield annuity | 3.70% | 7.45% | ||
Gross yield (projected/effective) | 7.22% | 6.53% | ||
IRR 5/IRR 10 | 3.80% | 3.80% | ||
Net initial yield (P1) before/after capex | 3.75% | -2.38% | ||
Annuity net yield (P1-10) before/after capex | 5.57% | 2.43% |
Market matrix | Quality profile |
Rents | ||||||||||||||||||||||||||
Use type | Current rent | Market rent | ||||||||||||||||||||||||
Type | No. | sqm | Share | Proj. p.a. [CHF] | Vacant | Eff. p.a. [CHF] | Proj./sqm | Quantile | Proj. p.a. [CHF] | Proj./sqm | Quantile | Vacant | Dev. | |||||||||||||
Craft/Industry | 11 | 6,534 | 45% | 822,580 | 0.0% | 822,580 | 126 | 31% | 914,760 | 140 | 39% | 5.0% | 11.2% | |||||||||||||
Office | 11 | 3,498 | 29% | 524,896 | 26.0% | 388,396 | 150 | 40% | 521,400 | 149 | 39% | 7.0% | -0.7% | |||||||||||||
Indoor parking | 138 | 12% | 213,577 | 12.4% | 187,057 | 215,280 | 8.0% | 0.8% | ||||||||||||||||||
Retail | 3 | 1,059 | 7% | 120,492 | 8.2% | 110,592 | 114 | 15% | 116,490 | 110 | 13% | 5.0% | -3.3% | |||||||||||||
Warehousing | 10 | 1,271 | 6% | 113,652 | 0.0% | 113,652 | 89 | 101,680 | 80 | 5.0% | -10.5% | |||||||||||||||
Others | 13 | 18 | 1% | 14,852 | 0.0% | 14,852 | 144 | 12,260 | 0 | 5.0% | -17.5% | |||||||||||||||
Total | 186 | 12,380 | 100% | 1,810,048 | 9.6% | 1,637,128 | 128 | 1,881,870 | 134 | 5.9% | 4.0% |
Yields
Present value | Annuity (P1-Exit) | Annuity (Exit) |
% project.
(P1-Exit) |
% project.
(Exit) |
% RPC
(P1-Exit) |
% RPC
(Exit) |
Yield | |||||||||||||||||||||||
[CHF] | [CHF] | [CHF/m2] | Q. | [CHF/m2] | Q. | [%] | Q. | [%] | Q. | [%] | Q. | [%] | Q. | [%] | ||||||||||||||||
Gross target income | 50,309,544 | 1,868,323 | 151 | 152 | 100.0% | 100.0% | 5.2% | 5.2% | 7.45% | |||||||||||||||||||||
Est. rental inc. | 50,309,544 | 1,868,323 | 151 | 152 | 100.0% | 100.0% | 5.2% | 5.2% | 7.45% | |||||||||||||||||||||
Income reductions | 3,687,491 | 137,030 | 11 | 9 | 7.3% | 5.9% | 0.4% | 0.3% | 0.55% | |||||||||||||||||||||
Actual gross inco… | 46,622,054 | 1,731,293 | 140 | 143 | 92.7% | 94.1% | 4.8% | 4.9% | 6.91% | |||||||||||||||||||||
Operating costs | 2,982,924 | 111,078 | 9 | 10% | 8 | 5% | 5.9% | 44% | 5.0% | 30% | 0.3% | 26% | 0.3% | 19% | 0.44% | |||||||||||||||
Maintenance costs | 3,055,326 | 113,774 | 9 | 45% | 10 | 48% | 6.1% | 72% | 6.4% | 73% | 0.3% | 65% | 0.3% | 68% | 0.45% | |||||||||||||||
Refurbishment costs | 15,511,923 | 577,631 | 47 | 78% | 39 | 70% | 30.9% | 95% | 25.6% | 89% | 1.6% | 1.3% | 2.30% | |||||||||||||||||
Total costs | 21,550,173 | 802,483 | 65 | 56 | 43.0% | 37.1% | 2.2% | 1.9% | 3.20% | |||||||||||||||||||||
Total net income | 25,071,881 | 928,810 | 75 | 87 | 49.7% | 57.0% | 2.6% | 3.0% | 3.70% |
118318 | 101-17096-100 | Rümlang, Riedmattstrasse 9 | Created by Wüest Partner, 26.03.2020, DRAFT - Desktop Valuation as at 1 April 2020 | Page 2 of 31 |
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Summary 2
Results
Periods | real cashflows | ||||||||||||||||||||||||
1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | Exit | ||||||||||||||
Incomes | Ann. | 01.04.2020 | 01.04.2021 | 01.04.2022 | 01.04.2023 | 01.04.2024 | 01.04.2025 | 01.04.2026 | 01.04.2027 | 01.04.2028 | 01.04.2029 | 01.04.2030 | ||||||||||||
% | - 31.03.2021 | - 31.03.2022 | - 31.03.2023 | - 31.03.2024 | - 31.03.2025 | - 31.03.2026 | - 31.03.2027 | - 31.03.2028 | - 31.03.2029 | -31.03.2030 | ||||||||||||||
project. | ||||||||||||||||||||||||
Gross target income | 100.0% | 1,812,047 | 1,815,995 | 1,822,711 | 1,828,531 | 1,834,849 | 1,841,739 | 1,849,105 | 1,857,098 | 1,865,727 | 1,875,001 | 1,881,966 | ||||||||||||
Est. rental inc. | 100.0% | 1,812,047 | 1,815,995 | 1,822,711 | 1,828,531 | 1,834,849 | 1,841,739 | 1,849,105 | 1,857,098 | 1,865,727 | 1,875,001 | 1,881,966 | ||||||||||||
Income reductions | 7.3% | 532,271 | 327,124 | 156,862 | 132,627 | 130,315 | 118,340 | 109,357 | 109,776 | 110,294 | 110,771 | 110,992 | ||||||||||||
Actual gross income | 92.7% | 1,279,776 | 1,488,870 | 1,665,849 | 1,695,905 | 1,704,534 | 1,723,398 | 1,739,748 | 1,747,321 | 1,755,433 | 1,764,230 | 1,770,974 | ||||||||||||
Costs | ||||||||||||||||||||||||
Operating costs | 5.9% | 239,262 | 193,466 | 144,218 | 131,813 | 122,408 | 121,733 | 120,000 | 120,000 | 120,000 | 120,000 | 95,000 | ||||||||||||
Maintenance costs | 6.1% | 100,000 | 100,000 | 100,000 | 100,000 | 100,000 | 100,000 | 100,000 | 100,000 | 100,000 | 100,000 | 120,000 | ||||||||||||
Refurbishment costs | 30.9% | 1,536,900 | 1,338,650 | 293,250 | 131,250 | 4,026,750 | 19,250 | 0 | 0 | 0 | 0 | 482,544 | ||||||||||||
Total costs | 43.0% | 1,876,162 | 1,632,116 | 537,468 | 363,063 | 4,249,158 | 240,983 | 220,000 | 220,000 | 220,000 | 220,000 | 697,544 | ||||||||||||
Total net income | 49.7% | -596,386 | -143,245 | 1,128,381 | 1,332,842 | -2,544,623 | 1,482,416 | 1,519,748 | 1,527,321 | 1,535,433 | 1,544,230 | 1,073,431 | ||||||||||||
Market value as at start of period | 25,071,881 | 26,628,525 | 27,781,762 | 27,681,192 | 27,368,157 | 31,000,042 | 30,660,467 | 30,269,870 | 29,856,677 | 29,419,480 | 28,956,665 | |||||||||||
Gross yield p.a. | 7.23% | 6.82% | 6.56% | 6.61% | 6.70% | 5.94% | 6.03% | 6.14% | 6.25% | 6.37% | 6.50% | |||||||||||
Net yield after repair p.a. | -2.38% | -0.54% | 4.06% | 4.82% | -9.30% | 4.78% | 4.96% | 5.05% | 5.14% | 5.25% | 3.71% | |||||||||||
Capital growth return p.a. | 6.21% | 4.33% | -0.36% | -1.13% | 13.27% | -1.10% | -1.27% | -1.37% | -1.46% | -1.57% | ||||||||||||
Total return p.a. | 3.83% | 3.79% | 3.70% | 3.68% | 3.97% | 3.69% | 3.68% | 3.68% | 3.68% | 3.68% |
Sensitivity analysis | ||||||||||||
Presentation in relative terms | ||||||||||||
Δ | +30 | +10 | +/- | -10 | -30 | |||||||
4.10% | 3.90% | 3.80% | 3.70% | 3.50% | ||||||||
Target rental income | -10% | -25% | -22% | -20% | -17% | -13% | ||||||
+0% | -7% | -3% | 0% | 3% | 9% | |||||||
+10% | 11% | 17% | 20% | 23% | 30% | |||||||
Vacancy | +100% | -18% | -14% | -11% | -9% | -4% | ||||||
+0% | -7% | -3% | 0% | 3% | 9% | |||||||
-100% | 3% | 9% | 11% | 15% | 21% | |||||||
Repair costs | -10% | -2% | 3% | 6% | 9% | 15% | ||||||
+0% | -7% | -3% | 0% | 3% | 9% | |||||||
+10% | -13% | -8% | -6% | -4% | 2% |
Contract terms | ||||||||||
Usage | Expected | WAULT | WAULT | WAULT | Index | |||||
end ø [a] | ø | min | max | ø | ||||||
Outdoor parking | 4.1 | 61% | ||||||||
Office | 2.0 | 1.7 | 0.1 | 3.7 | 75% | |||||
Indoor parking | 1.8 | 52% | ||||||||
Retail | 1.6 | 1.6 | 1.2 | 2.7 | 80% | |||||
Craft/Industry | 0.7 | 0.8 | 0.2 | 1.2 | 60% | |||||
Special use without ar… | 0.7 | 80% | ||||||||
Warehousing | 0.4 | 0.5 | 0.1 | 3.0 | 44% | |||||
Special use with area | 0.1 | 80% | ||||||||
Total | 1.2 | 1.1 | 0.1 | 3.7 | 63% |
118318 | 101-17096-100 | Rümlang, Riedmattstrasse 9 | Created by Wüest Partner, 26.03.2020, DRAFT - Desktop Valuation as at 1 April 2020 | Page 3 of 31 |
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Contents | |
Title | 1 |
Summary | 2 |
Summary 2 | 3 |
Contents | 4 |
Description | 5 |
Property data (plots, buildings) | 8 |
Use-type overview | 10 |
Area list | 12 |
Tenant list outlook | 15 |
Summary by tenant and use type | 17 |
Projected accounts summary | 19 |
Sensitivity analysis | 21 |
Quality profile compact | 22 |
Photo documentation | 23 |
Maps (macro and micro location) | 25 |
Context | 26 |
Documentation index | 28 |
Glossary | 29 |
118318 | 101-17096-100 | Rümlang, Riedmattstrasse 9 | Created by Wüest Partner, 26.03.2020, DRAFT - Desktop Valuation as at 1 April 2020 | Page 4 of 31 |
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Description
Commission
Wüest Partner was commissioned by Optibase RE1 to value the property in question as per the stipulated day of valuation for accounting reasons. The current valuation is set up as a desktop valuation without performing a site visit or detailed surveys in relation of the condition and standard of the building. Furthermore the effective letting situation has not been verified by a site visit and is therefore based on the rent roll provided by the client as well as the provided lease contracts.
Wüest Partner already prepared a valuation report dated to 1 January 2013, on which the present valuation is based. In the current valuation the following sections have been adopted from the previous valuation report: micro location, building/surrounding area, building fabric/condition, pictures.
The following main assumptions have to be considered:
● The current valuation is based on the valuation report performed as at 1-1-2013.
● The rent roll provided by the client assumed to be valid as at the date of valuation.
● All lease contracts included in the valuation report are expected to be signed as at the date of valuation, although not all of them are signed until the preparation of the report (e.g. Gondrand prolongation currently not signed).
In connection with the corona virus/COVID-19 and the fight against the pandemic, drastic measures have been put into effect in many countries, the consequences of which for the overall economy and the real estate market are not yet foreseeable. Above all, the consequences are difficult to quantify at the moment because no or not enough up-to-date comparative financial statements and transactions with these boundary conditions are available. Accordingly, the valuation uncertainty is currently increased.
Macro location
General locational factors
With a population of 8,172 (up by 8.2% between 2014 and 2018), the municipality of Rümlang (ZH) is located in the Zürich urban agglomeration. People with a higher income (executives and senior management) accounted for 12% of Rümlang’s population in 2017, compared to the Swiss average of 12%.
29,000 people live within a 10-minute and 243,000 within a 20-minute drive of Rümlang (the corresponding figures for the city of Zurich being around 415,000 and 695,000).
Within half an hour’s drive of Rümlang, 1,206,000 residents and 903,000 employees (full time equivalent) can be reached in Switzerland (equivalent figures for the city of Zurich: approx. 1,636,000 residents and 1,168,000 employees).
The number of people working in the industrial or service sector (full time equivalent) was 4,877 in 2017, 65.1% being employed in the service sector (Switzerland: 75.0%). Since 2015, the employment figure for Rümlang has decreased by 4.1%, with jobs shed in both the industrial and service sector. Between 2018 and
2019, the region of Glattal-Furttal, which Rümlang is part of, has shown a net inward corporate migration, i.e. fewer companies moved out of the area than arrived from other regions.
Office premises
The average asking rent (net) for office space in Rümlang is CHF 166 per sqm p.a. This value is below the Swiss average of CHF 206 per sqm p.a.
Overall, the urban agglomeration Zürich provides some 15,347,000 sqm of office space (including 84,000 sqm in Rümlang). The volume of new-build office development (in relation to the existing stock) over the last few years in the urban agglomeration Zürich has been par for Switzerland.
Retail premises
The average asking rent (net) for retail space in Rümlang is CHF 186 per sqm p.a. This value is below the Swiss average of CHF 263 per sqm p.a.
Overall, the urban agglomeration Zürich provides some 5,291,000 sqm of retail space (including 29,000 sqm in Rümlang). This is equivalent to some 3.8 sqm retail space per resident of urban agglomeration, a figure more or less in line with the Swiss average (4.1 sqm per resident). The volume of new-build retail development (in relation to the existing stock) over the last few years in the urban agglomeration Zürich has been above par for Switzerland.
Conclusion
According to Wüest Partner AG’s location and market rating, Rümlang ranks as a municipality with an excellent location quality for office premises (4.8 points) and an excellent location quality for retail premises (4.8 points on a scale from 1 [municipality with an extremely poor location quality] to 5 [municipality with an excellent location quality]).
Micro location
The property is located in the industrial area Riedmatt, which connects the north and out of the village Rümlang. The industrial quarter profits directly from the neighboring communities - the city of Zurich and Kloten intercontinental airport. Numerous industrial, commercial and service companies are located in the neighborhood. The property itself is located at the full front of the busy Riedmattstrasse and thus has good exposure to passing traffic. Within the local vicinity the general appearance of the local environment can be described as good. Local occupiers include Coop, Denner, Burger King and Top CC. The area will benefit from a new facility which is currently under construction. The situation of the property will be less influenced by passing pedestrians but rather than traffic. 100m from the property there is a bus stop providing services to the train station in a few minutes. The nearest highway exit is about five kilometers away providing good access to the A1 and A51 and the airport being just ten minutes. In summary, the micro-location with respect to the relevant uses are referred to as being between average and good.
118318 | 101-17096-100 | Rümlang, Riedmattstrasse 9 | Created by Wüest Partner, 26.03.2020, DRAFT – Desktop Valuation as at 1 April 2020 | Page 5 of 31 |
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Building/Surrounding area
The present review concerns: Plot No. 1688 with a plot area of 5,090 m2 and commercial building with underground car parking.
In the land register various easements are recorded. Noteworthy is the following:
● At best, the visitor parking maybe eliminated at its own cost and without compensation for an expansion of Riedmattstrasse. (Assumption: not relevant to assessment)
● The plot is no. is 4778. Compensation by way of assignment from the neighboring plot 4779 (assumption: not relevant to assessment)
● Continuity and shared the heating system: The 4779 heating system located on the property may be shared. All costs are allocated according to energy consumption.
The building is parallel to Riedmattstrasse which lies to the north. Both the main entrance and the access roads to the garage and the loading and unloading area are accessed from Riedmattstrasse. The property consists of five floors and two underground floors, the top two floors are in a H-shaped layout providing good natural light to all areas. The lower floors are made of reinforced concrete and masonry with the upper floors of reinforced concrete frame. The floors are connected by a central service core. This includes the two passenger lifts and sanitary facilities. Additionally, there are two service cores at the east and west at the front of the building each providing staircase access. Four goods lifts with up to 5000 kg open up next to the passenger elevators.
The building includes office, industrial, warehouse and showroom. The two upper floors are mainly for office use while the lower floors have a greater ceiling height and are mainly used for commercial purposes. The ground floor retail units are of a good size and make ideal show room accommodation. Covered ramps to the car parking are located at the front of the building with two ramps on either side to the rear for delivery (one to enter and one to exit). The basement provides sufficient car parking available over 3 split levels.
Building fabric/Condition
The property was constructed in 1989 and the façade consists of concrete with sections of the first floor façade having sheet metal panels coverings, one of which is missing from the south elevation at the exit of the loading bay. Both the entrance and exits to the covered loading bay has some minor damage to the ceiling caused by high vehicles. Some areas of the concrete façade are in need of repair and should be carried out within approximately the next five years. The windows frames are made of a wood-metal mix and the double glazing was replaced in 2002. The roof is flat and mainly gravel covered with one extensively planted terraced are above the second floor level. The roof is currently undergoing repair works. Overall, the property is in a good condition and is being regularly maintained. A new heating boiler was installed in 2010, the heat being distributed via radiators. A ventilation/air conditioning system was installed for the top floor office space in 2009. This is because of noise pollution from the air traffic. The ground floor showroom areas have their own individual tenant fit-out and the motor cycle showroom has a work shop area with all major installations usually available for auto repair work. Currently, the ventilation system is used only in the garage area.
Usage
The property contains the following use types:
- Office: 3,498 sqm
- Retail: 1,059 sqm
- Craft / Industry: 6,534 sqm
- Warehousing: 1,271 sqm
- Special use with area: 18 sqm
- Special use without area: 1 units
- Indoor parking: 138 units
- Outdoor parking: 11 units
Rental income
The actual target rental income as per valuation date amounts to CHF 1,810,048 p.a. The actual vacancy of the property is 9.6%. The property is leased as follows:
- Office: CHF 140 – 165/sqma
- Retail: CHF 112 – 119/sqma
- Craft / Industry: CHF 90 – 133/sqma
- Warehousing: CHF 27 – 144/sqma
- Indoor parking: CHF 13 - 240/mth
- Outdoor parking: CHF 60 - 80/mth
Wüest Partner estimates market rents at a total of CHF 1,881,870 p.a. and thus around 4.0% above the current target income of CHF 1,810,048 p.a. The following rent potential is assumed:
- Office: CHF 130 – 150/sqma
- Retail: CHF 110/sqma
- Craft / Industry: CHF 140/sqma
- Warehousing: CHF 80/sqma
- Indoor parking: CHF 130/mth
- Outdoor parking: CHF 60 - 80/mth
The structural vacancy rate is estimated at around 5.9%.
Running and maintenance costs
- Long term OPEX (excl. property taxes): CHF 111,000
- Long term maintenance from period 11: CHF 10/sqma
118318 | 101-17096-100 | Rümlang, Riedmattstrasse 9 | Created by Wüest Partner, 26.03.2020, DRAFT – Desktop Valuation as at 1 April 2020 | Page 6 of 31 |
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- Long term CAPEX from period 11: CHF 39/sqma
Refurbishment
Wüest Partner calculates – based on the information received by the client – the following CAPEX within the next 10 years:
● 2020: CHF 50,000 - Modernization remaining fire safety system
● 2020: CHF 50,000 - Water evacuation Parking (rough assumption by Wüest Partner)
● 2020: CHF 225,000 - Subdivision/Refurbishment of space
● 2021: CHF 575,000 - Renovation part of the roof
● 2025: CHF 4,000,000 - Windows/blinds and facade (estimate Wüest Partner)
Strengths/Weaknesses
● The property is typical for the general location
● Micro locational quality for industrial usage is good
● The property shows stable letting situation with some relevant contracts expiring in the first periods.
● Larger investments to be considered in the first decade.
118318 | 101-17096-100 | Rümlang, Riedmattstrasse 9 | Created by Wüest Partner, 26.03.2020, DRAFT – Desktop Valuation as at 1 April 2020 | Page 7 of 31 |
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Property data (plots, buildings)
Property unit | ||
Property ID | ||
PU Id | 259251 | |
PU reference number (PURN) | ||
PU name | ||
Owner | Optibase RE1 | |
Ownership | Sole ownership | |
Type | Commercial property | |
Address |
Riedmattstrasse 9
8153 Rümlang |
|
Country | Switzerland | |
Coord. [Lat./Long. WGS 84] | 47.460779 / 8.523837 |
Land plots | ||||
Buildings | sqm | |||
Riedmattstrasse 9, Rümlang | 1 | 5,090 | ||
Total | 1 | 5,090 |
Buildings | ||||
Land plots | BF sqm | |||
Riedmattstrasse 9, Rümlang | 1 | |||
Total | 1 |
Details for land plot Riedmattstrasse 9, Rümlang | ||
Reference number | ||
Name | Riedmattstrasse 9, Rümlang | |
Ownership | Sole ownership | |
Comments | ||
Owner | Optibase RE1 | |
EGRID | ||
Parcel area [sqm] | 5,090 | |
Coord. [Lat./Long. WGS 84] | 47.460779 / 8.523837 | |
Land registry | ||
Local court | Niederglatt | |
Municipality of land registry | Rumlang | |
Name of the corridor | ||
Land registry sheet number | 1688 | |
Serial registration number | ||
Plan number | ||
Cadastral no. | 4778 | |
Land registry entry | ||
Land registry extract date | 21.12.2017 | |
Planning law | ||
Planning zone | Industrial Zone IIIA | |
Design plan | ||
Utilisation potential | Ratio of building per parcel area 8.00 | |
Contaminated sites | no information | |
Listed building | no information |
Building construction activities | ||
Construction year | Comments | |
1989 | ||
Building renovation | ||
Renovation year | Comments | |
2011 |
Associated land plot | ||
Land plot | Share of building area | |
Riedmattstrasse 9, Rümlang | 100.0% | |
118318 | 101-17096-100 | Rümlang, Riedmattstrasse 9 | Created by Wüest Partner, 26.03.2020, DRAFT – Desktop Valuation as at 1 April 2020 | Page 8 of 31 |
Wüest Dimensions - Business intelligence by Wüest Partner |
Reference value |
Total [CHF] | ||||||
Type | Date | Value Comments | ||||
Building insurance value | 02.12.2019 | 35,350,000 | gem. iSure |
Details [CHF] | ||||||||
Transaction
price/construction costs |
Reconstruction/renovation
costs |
Parking | Hobby room | Other | ||||
118318 | 101-17096-100 | Rümlang, Riedmattstrasse 9 | Created by Wüest Partner, 26.03.2020, DRAFT – Desktop Valuation as at 1 April 2020 | Page 9 of 31 |
Wüest Dimensions - Business intelligence by Wüest Partner |
Use-type overview
Use type | Current rent | Market rent | ||||||||||||||||||||||||||
No. | Area | CHF p.a. | Share CHF/sqm | CHF p.a. | Share CHF/sqm | Dev. | ||||||||||||||||||||||
Min | Max | Ø | Min | Max | Ø | CHF/sqm p.a. | ||||||||||||||||||||||
Craft/Industry | ||||||||||||||||||||||||||||
Target income | 11 | 6,534 | 822,580 | 45.4% | 90 | 133 | 126 | 914,760 | 48.6% | 140 | 140 | 140 | 11% | |||||||||||||||
Vacancy | 0.0% | 5.0% | 100% | |||||||||||||||||||||||||
Actual rental income | 11 | 6,534 | 822,580 | 90 | 133 | 126 | 869,022 | 6% | ||||||||||||||||||||
Office | ||||||||||||||||||||||||||||
Target income | 11 | 3,498 | 524,896 | 29.0% | 140 | 165 | 150 | 521,400 | 27.7% | 130 | 150 | 149 | -1% | |||||||||||||||
Vacancy | 2 | 910 | 26.0% | 150 | 150 | 150 | 7.0% | -73% | ||||||||||||||||||||
Actual rental income | 9 | 2,588 | 388,396 | 140 | 165 | 150 | 484,902 | 25% | ||||||||||||||||||||
Indoor parking | ||||||||||||||||||||||||||||
Target income | 138 | 213,577 | 11.8% | 215,280 | 11.4% | 1% | ||||||||||||||||||||||
Vacancy | 17 | 12.4% | 8.0% | -36% | ||||||||||||||||||||||||
Actual rental income | 121 | 187,057 | 198,058 | 6% | ||||||||||||||||||||||||
Retail | ||||||||||||||||||||||||||||
Target income | 3 | 1,059 | 120,492 | 6.7% | 110 | 119 | 114 | 116,490 | 6.2% | 110 | 110 | 110 | -3% | |||||||||||||||
Vacancy | 1 | 90 | 8.2% | 110 | 110 | 110 | 5.0% | -39% | ||||||||||||||||||||
Actual rental income | 2 | 969 | 110,592 | 112 | 119 | 114 | 110,666 | 0% |
118318 | 101-17096-100 | Rümlang, Riedmattstrasse 9 | Created by Wüest Partner, 26.03.2020, DRAFT – Desktop Valuation as at 1 April 2020 | Page 10 of 31 |
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Use type | Current rent | Market rent | ||||||||||||||||||||||||||
No. | Area | CHF p.a. | Share CHF/sqm | CHF p.a. | Share CHF/sqm | Dev. | ||||||||||||||||||||||
Min | Max | Ø | Min | Max | Ø | CHF/sqm p.a. | ||||||||||||||||||||||
Warehousing | ||||||||||||||||||||||||||||
Target income | 10 | 1,271 | 113,652 | 6.3% | 27 | 144 | 89 | 101,680 | 5.4% | 80 | 80 | 80 | -11% | |||||||||||||||
Vacancy | 0.0% | 5.0% | 100% | |||||||||||||||||||||||||
Actual rental income | 10 | 1,271 | 113,652 | 27 | 144 | 89 | 96,596 | -15% | ||||||||||||||||||||
Outdoor parking | ||||||||||||||||||||||||||||
Target income | 11 | 8,760 | 0.5% | 8,760 | 0.5% | 0% | ||||||||||||||||||||||
Vacancy | 0.0% | 5.0% | 100% | |||||||||||||||||||||||||
Actual rental income | 11 | 8,760 | 8,322 | -5% | ||||||||||||||||||||||||
Special use without area | ||||||||||||||||||||||||||||
Target income | 1 | 3,500 | 0.2% | 3,500 | 0.2% | 0% | ||||||||||||||||||||||
Vacancy | 0.0% | 5.0% | 100% | |||||||||||||||||||||||||
Actual rental income | 1 | 3,500 | 3,325 | -5% | ||||||||||||||||||||||||
Special use with area | ||||||||||||||||||||||||||||
Target income | 1 | 18 | 2,592 | 0.1% | 144 | 144 | 144 | 0 | 0.0% | 0 | 0 | 0 | -100% | |||||||||||||||
Vacancy | 0.0% | 100% | ||||||||||||||||||||||||||
Actual rental income | 1 | 18 | 2,592 | 144 | 144 | 144 | 0 | -100% | ||||||||||||||||||||
Total | ||||||||||||||||||||||||||||
Target income | 186 | 12,380 | 1,810,048 | 100.0% | 27 | 165 | 128 | 1,881,870 | 100.0% | 0 | 150 | 134 | 4% | Legend: | ||||||||||||||
Vacancy | 20 | 1,000 | 172,920 | 9.6% | 110 | 150 | 146 | 110,980 | 5.9% | -36% | Red marking = Min, Ø, Max Market rent | |||||||||||||||||
Actual rental income | 166 | 11,380 | 1,637,128 | 90.4% | 27 | 165 | 126 | 1,770,890 | 94.1% | 8% | Green marking = Min, Ø, Max Current rent | |||||||||||||||||
Blue = Quantiles municipality/city quarter |
118318 | 101-17096-100 | Rümlang, Riedmattstrasse 9 | Created by Wüest Partner, 26.03.2020, DRAFT – Desktop Valuation as at 1 April 2020 | Page 11 of 31 |
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Area list
Rental unit | Current rent | Market rent | Δ | Current lease agreement | |||||||||||||||||||||||||||||||||||||||||
Ref. No. | Tenant name | Floor | UT | No. | Ro | Area [sqm] | CHF p.a. | Unit/month [CHF] | per sqm [CHF] | CHF p.a. | Unit/month [CHF] | Q. | per sqm [CHF] | Q. | Vacant | Trans. [a] | Dev. | Start | End | Early break/1st notice | Options real/false | Index | |||||||||||||||||||||||
809-10-02 | Butti Mario | -1 | W | 1 | 82 | 3,840 | 320 | 47 | 6,560 | 547 | 80 | 5.0% | 10 | +71% | 01.04.18 | 40% | |||||||||||||||||||||||||||||
809-01-02 | Polymed Medical Center (Lager) | -1 | W | 1 | 198 | 17,820 | 1,485 | 90 | 15,840 | 1,320 | 80 | 5.0% | 10 | -11% | 01.04.16 | 40% | |||||||||||||||||||||||||||||
809-01-04 | Polymed Medical Center (Lager) | -1 | W | 1 | 287 | 25,830 | 2,153 | 90 | 22,960 | 1,913 | 80 | 5.0% | 10 | -11% | 01.12.15 | 40% | |||||||||||||||||||||||||||||
809-08-01 | Theodor Riccardo AG | -1 | W | 1 | 18 | 480 | 40 | 27 | 1,440 | 120 | 80 | 5.0% | 10 | +200% | 01.01.15 | 30.06.20 | 40% | ||||||||||||||||||||||||||||
809-08-01 | Theodor Riccardo AG | -1 | W | 1 | 46 | 2,400 | 200 | 52 | 3,680 | 307 | 80 | 5.0% | 10 | +53% | 01.01.15 | 30.06.20 | 40% | ||||||||||||||||||||||||||||
809-08-02 | Theodor Riccardo AG | -1 | W | 1 | 48 | 3,840 | 320 | 80 | 3,840 | 320 | 80 | 5.0% | 10 | +0% | 01.04.18 | 31.03.23 | 80% | ||||||||||||||||||||||||||||
809-12-01 | Clear Channel Schweiz AG | 0 | SU… | 1 | 3,500 | 292 | 3,500 | 292 | 5.0% | 10 | +0% | 01.12.00 | 30.11.20 | 1x5 | 80% | ||||||||||||||||||||||||||||||
809-06-01/4 | Novabau AG | 0 | Ret | 1 | 689 | 77,232 | 6,436 | 112 | 75,790 | 6,316 | 110 | 13% | 5.0% | 10 | -2% | 01.12.03 | 31.05.23 | 31.05.21 | 80% | ||||||||||||||||||||||||||
809-01-01/4 | Polymed Medical Center | 0 | W | 1 | 480 | 44,232 | 3,686 | 92 | 38,400 | 3,200 | 80 | 5.0% | 10 | -13% | 01.09.00 | 40% | |||||||||||||||||||||||||||||
809-17-02 | Resin Floor GmbH | 0 | O | 1 | 165 | 24,900 | 2,075 | 151 | 21,450 | 1,788 | 130 | 27% | 7.0% | 10 | -14% | 01.02.18 | 31.01.23 | 1x5 | 80% | ||||||||||||||||||||||||||
809-08-01 | Theodor Riccardo AG | 0 | Ind. | 1 | 90 | 11,340 | 945 | 126 | 12,600 | 1,050 | 140 | 39% | 5.0% | 10 | +11% | 01.01.15 | 30.06.20 | 40% | |||||||||||||||||||||||||||
809-08-01 | Theodor Riccardo AG | 0 | W | 1 | 25 | 3,240 | 270 | 130 | 2,000 | 167 | 80 | 5.0% | 10 | -38% | 01.01.15 | 30.06.20 | 40% | ||||||||||||||||||||||||||||
809-08-01 | Theodor Riccardo AG | 0 | W | 1 | 31 | 3,906 | 326 | 126 | 2,480 | 207 | 80 | 5.0% | 10 | -37% | 01.01.15 | 30.06.20 | 40% | ||||||||||||||||||||||||||||
809-05-01 | Vale Moto GmbH | 0 | Ret | 1 | 280 | 33,360 | 2,780 | 119 | 30,800 | 2,567 | 110 | 13% | 5.0% | 10 | -8% | 01.01.13 | 31.12.22 | 80% | |||||||||||||||||||||||||||
809-99-99 | ■ | 0 | Ret | 1 | 90 | 9,900 | 825 | 110 | 9,900 | 825 | 110 | 13% | 5.0% | +0% | |||||||||||||||||||||||||||||||
809-02-03 | Fastlog AG | 1 | Ind. | 1 | 1,800 | 223,116 | 18,593 | 124 | 252,000 | 21,000 | 140 | 39% | 5.0% | 10 | +13% | 01.07.15 | 30.06.21 | 80% | |||||||||||||||||||||||||||
809-02-03 | Fastlog AG | 1 | Ind. | 1 | 571 | 70,776 | 5,898 | 124 | 79,940 | 6,662 | 140 | 39% | 5.0% | 10 | +13% | 01.07.15 | 30.06.21 | 80% | |||||||||||||||||||||||||||
809-02-03 | Fastlog AG | 1 | Ind. | 1 | 105 | 13,020 | 1,085 | 124 | 14,700 | 1,225 | 140 | 39% | 5.0% | 10 | +13% | 01.07.15 | 30.06.21 | 80% | |||||||||||||||||||||||||||
809-02-03 | Fastlog AG | 1 | Ind. | 1 | 146 | 18,096 | 1,508 | 124 | 20,440 | 1,703 | 140 | 39% | 5.0% | 10 | +13% | 01.07.15 | 30.06.21 | 80% | |||||||||||||||||||||||||||
809-02-03 | Fastlog AG | 1 | Ind. | 1 | 155 | 19,212 | 1,601 | 124 | 21,700 | 1,808 | 140 | 39% | 5.0% | 10 | +13% | 01.07.15 | 30.06.21 | 80% | |||||||||||||||||||||||||||
809-02-03 | Fastlog AG | 1 | Ind. | 1 | 180 | 22,320 | 1,860 | 124 | 25,200 | 2,100 | 140 | 39% | 5.0% | 10 | +13% | 01.07.15 | 30.06.21 | 80% | |||||||||||||||||||||||||||
809-01-01/4 | Polymed Medical Center | 2 | Ind. | 1 | 1,298 | 172,764 | 14,397 | 133 | 181,720 | 15,143 | 140 | 39% | 5.0% | 10 | +5% | 01.09.00 | 40% | ||||||||||||||||||||||||||||
809-01-01/4 | Polymed Medical Center | 2 | Ind. | 1 | 864 | 115,000 | 9,583 | 133 | 120,960 | 10,080 | 140 | 39% | 5.0% | 10 | +5% | 01.09.00 | 40% | ||||||||||||||||||||||||||||
809-01-01/4 | Polymed Medical Center | 2 | Ind. | 1 | 913 | 119,856 | 9,988 | 131 | 127,820 | 10,652 | 140 | 39% | 5.0% | 10 | +7% | 01.09.01 | 40% | ||||||||||||||||||||||||||||
809-19-02 | Gondrand International AG | 3 | O | 1 | 431 | 71,115 | 5,926 | 165 | 64,650 | 5,388 | 150 | 40% | 7.0% | 10 | -9% | 01.06.15 | 31.05.25 | 31.05.22 | 80% | ||||||||||||||||||||||||||
809-25-01 | CesaroSana GmbH | 3 | O | 1 | 36 | 5,040 | 420 | 140 | 5,400 | 450 | 150 | 40% | 7.0% | 10 | +7% | 01.01.20 | 31.01.25 | 31.01.22 | 1x5 | 80% | |||||||||||||||||||||||||
809-99-99 | ■ | 3 | O | 1 | 388 | 58,200 | 4,850 | 150 | 58,200 | 4,850 | 150 | 40% | 7.0% | +0% | |||||||||||||||||||||||||||||||
809-07-01/2 | Polygene AG | 3 | O | 1 | 525 | 77,364 | 6,447 | 147 | 78,750 | 6,563 | 150 | 40% | 7.0% | 10 | +2% | 01.01.08 | 31.12.23 | 80% | |||||||||||||||||||||||||||
809-01-05 | Polymed Medical Center | 3 | O | 1 | 297 | 47,520 | 3,960 | 160 | 44,550 | 3,713 | 150 | 40% | 7.0% | 10 | -6% | 01.09.17 | 30.06.22 | 1x5 | 40% | ||||||||||||||||||||||||||
809-23-01 | Wenger Krenar | 3 | O | 1 | 62 | 8,680 | 723 | 140 | 9,300 | 775 | 150 | 40% | 7.0% | 10 | +7% | 01.09.19 | 40% | ||||||||||||||||||||||||||||
809-27-01 | Fehr Real Estate GmbH | 3 | O | 1 | 77 | 10,780 | 898 | 140 | 11,550 | 963 | 150 | 40% | 7.0% | 10 | +7% | 01.04.20 | 31.03.25 | 30.09.21 | 1x5 | 100% | |||||||||||||||||||||||||
809-24-01 | S&C Sportcars Rumlang | 3 | O | 1 | 71 | 9,940 | 828 | 140 | 10,650 | 888 | 150 | 40% | 7.0% | 10 | +7% | 01.12.19 | 30.11.24 | 31.05.21 | 1x5 | 80% | |||||||||||||||||||||||||
809-03-06 | Arrow Central Europe GmbH | 4 | W | 1 | 56 | 8,064 | 672 | 144 | 4,480 | 373 | 80 | 5.0% | 10 | -44% | 01.05.14 | 30.04.20 | 80% | ||||||||||||||||||||||||||||
809-03-06 | Arrow Central Europe GmbH | 4 | O | 1 | 924 | 133,056 | 11,088 | 144 | 138,600 | 11,550 | 150 | 40% | 7.0% | 10 | +4% | 01.05.14 | 30.04.20 | 80% | |||||||||||||||||||||||||||
809-03-06 | Arrow Central Europe GmbH | 4 | SU… | 1 | 18 | 2,592 | 216 | 144 | 0 | 0 | 0 | 5.0% | 10 | -100% | 01.05.14 | 30.04.20 | 80% | ||||||||||||||||||||||||||||
809-02-04 | Fastlog AG | 4 | Ind. | 1 | 412 | 37,080 | 3,090 | 90 | 57,680 | 4,807 | 140 | 39% | 5.0% | 10 | +56% | 01.07.15 | 30.06.20 | 80% | |||||||||||||||||||||||||||
809-99-99 | ■ | 4 | O | 1 | 522 | 78,300 | 6,525 | 150 | 78,300 | 6,525 | 150 | 40% | 7.0% | +0% | |||||||||||||||||||||||||||||||
809-03-06 | Arrow Central Europe GmbH | -3 | IP | 7 | 7,920 | 94 | 10,920 | 130 | 8.0% | 10 | +38% | 01.03.19 | 30.04.20 | 40% | |||||||||||||||||||||||||||||||
809-03-06 | Arrow Central Europe GmbH | -3 | IP | 9 | 12,960 | 120 | 14,040 | 130 | 8.0% | 10 | +8% | 01.10.15 | 30.04.20 | 40% | |||||||||||||||||||||||||||||||
809-03-06 | Arrow Central Europe GmbH | -3 | IP | 6 | 960 | 13 | 9,360 | 130 | 8.0% | 10 | +875% | 01.03.19 | 30.04.20 | 40% |
118318 | 101-17096-100 | Rümlang, Riedmattstrasse 9 | Created by Wüest Partner, 26.03.2020, DRAFT – Desktop Valuation as at 1 April 2020 | Page 12 of 31 |
Wüest Dimensions - Business intelligence by Wüest Partner |
Rental unit | Current rent | Market rent | Δ | Current lease agreement | |||||||||||||||||||||||||||||||||||||||||
Ref. No. | Tenant name | Floor | UT | No. | Ro | Area [sqm] | CHF p.a. | Unit/month [CHF] | per sqm [CHF] | CHF p.a. | Unit/month [CHF] | Q. | Per sqm [CHF] | Q. | Vacant | Trans. [a] | Dev. | Start | End | Early break/1st notice | Options real/false | Index | |||||||||||||||||||||||
809-03-06 | Arrow Central Europe GmbH | -3 | IP | 7 | 6,720 | 80 | 10,920 | 130 | 8.0% | 10 | +63% | 01.03.19 | 30.04.20 | 40% | |||||||||||||||||||||||||||||||
809-02-05 | Fastlog AG | -2 | IP | 8 | 11,520 | 120 | 12,480 | 130 | 8.0% | 10 | +8% | 01.07.10 | 40% | ||||||||||||||||||||||||||||||||
809-19-03 | Gondrand International AG | -2 | IP | 3 | 8,640 | 240 | 4,680 | 130 | 8.0% | 10 | -46% | 01.10.15 | 31.05.25 | 31.05.22 | 1x5 | 40% | |||||||||||||||||||||||||||||
809-19-03 | Gondrand International AG | -2 | IP | 2 | 5,760 | 240 | 3,120 | 130 | 8.0% | 10 | -46% | 01.10.15 | 31.05.25 | 31.05.22 | 1x5 | 40% | |||||||||||||||||||||||||||||
809-19-03 | Gondrand International AG | -2 | IP | 1 | 2,880 | 240 | 1,560 | 130 | 8.0% | 10 | -46% | 01.10.15 | 31.05.25 | 31.05.22 | 1x5 | 40% | |||||||||||||||||||||||||||||
809-19-03 | Gondrand International AG | -2 | IP | 2 | 3,840 | 160 | 3,120 | 130 | 8.0% | 10 | -19% | 01.10.15 | 31.05.25 | 31.05.22 | 1x5 | 40% | |||||||||||||||||||||||||||||
809-19-03 | Gondrand International AG | -2 | IP | 1 | 1,920 | 160 | 1,560 | 130 | 8.0% | 10 | -19% | 01.10.15 | 31.05.25 | 31.05.22 | 1x5 | 40% | |||||||||||||||||||||||||||||
809-13-01 | Implenia Bau AG | -2 | IP | 1 | 2,880 | 240 | 1,560 | 130 | 8.0% | 10 | -46% | 01.11.05 | 40% | ||||||||||||||||||||||||||||||||
809-13-01 | Implenia Bau AG | -2 | IP | 1 | 1,560 | 130 | 1,560 | 130 | 8.0% | 10 | +0% | 01.11.05 | 40% | ||||||||||||||||||||||||||||||||
809-99-99 | ■ | -2 | IP | 2 | 3,120 | 130 | 3,120 | 130 | 8.0% | +0% | |||||||||||||||||||||||||||||||||||
809-08-03 | Theodor Riccardo AG | -2 | IP | 1 | 2,400 | 200 | 1,560 | 130 | 8.0% | 10 | -35% | 01.10.17 | 40% | ||||||||||||||||||||||||||||||||
809-05-02 | Vale Moto GmbH | -2 | IP | 1 | 2,880 | 240 | 1,560 | 130 | 8.0% | 10 | -46% | 01.10.15 | 40% | ||||||||||||||||||||||||||||||||
809-27-01 | Fehr Real Estate GmbH | -2 | IP | 5 | 12,000 | 200 | 7,800 | 130 | 8.0% | 10 | -35% | 01.04.20 | 31.03.25 | 30.09.21 | 1x5 | 100% | |||||||||||||||||||||||||||||
809-99-99 | ■ | -1 | IP | 2 | 3,120 | 130 | 3,120 | 130 | 8.0% | +0% | |||||||||||||||||||||||||||||||||||
809-99-99 | ■ | -1 | IP | 4 | 6,240 | 130 | 6,240 | 130 | 8.0% | +0% | |||||||||||||||||||||||||||||||||||
809-99-99 | ■ | -1 | IP | 9 | 14,040 | 130 | 14,040 | 130 | 8.0% | +0% | |||||||||||||||||||||||||||||||||||
809-07-02 | Polygene AG | -1 | IP | 1 | 1,440 | 120 | 1,560 | 130 | 8.0% | 10 | +8% | 01.01.14 | 40% | ||||||||||||||||||||||||||||||||
809-01-01 | Polymed Medical Center | -1 | IP | 2 | 2,647 | 110 | 3,120 | 130 | 8.0% | 10 | +18% | 01.01.19 | 40% | ||||||||||||||||||||||||||||||||
809-01-01/5 | Polymed Medical Center | -1 | IP | 11 | 18,256 | 138 | 17,160 | 130 | 8.0% | 10 | -6% | 01.09.00 | 40% | ||||||||||||||||||||||||||||||||
809-01-01/5 | Polymed Medical Center | -1 | IP | 1 | 1,740 | 145 | 1,560 | 130 | 8.0% | 10 | -10% | 01.09.00 | 40% | ||||||||||||||||||||||||||||||||
809-08-01 | Theodor Riccardo AG | -1 | IP | 1 | 1,440 | 120 | 1,560 | 130 | 8.0% | 10 | +8% | 01.01.12 | 30.06.20 | 40% | |||||||||||||||||||||||||||||||
809-22-01 | ZS Carpoint AG | -1 | IP | 1 | 1,560 | 130 | 1,560 | 130 | 8.0% | 10 | +0% | 01.03.19 | 28.02.24 | 40% | |||||||||||||||||||||||||||||||
809-22-01 | ZS Carpoint AG | -1 | IP | 10 | 15,600 | 130 | 15,600 | 130 | 8.0% | 10 | +0% | 01.03.19 | 28.02.24 | 80% | |||||||||||||||||||||||||||||||
809-22-01 | ZS Carpoint AG | -1 | IP | 6 | 9,360 | 130 | 9,360 | 130 | 8.0% | 10 | +0% | 01.03.19 | 28.02.24 | 40% | |||||||||||||||||||||||||||||||
809-22-01 | ZS Carpoint AG | -1 | IP | 13 | 20,280 | 130 | 20,280 | 130 | 8.0% | 10 | +0% | 01.03.19 | 28.02.24 | 80% | |||||||||||||||||||||||||||||||
809-25-01 | CesaroSana GmbH | -1 | IP | 1 | 2,880 | 240 | 1,560 | 130 | 8.0% | 10 | -46% | 01.01.20 | 31.01.25 | 31.01.22 | 1x5 | 40% | |||||||||||||||||||||||||||||
809-01-01 | Polymed Medical Center | 0 | IP | 7 | 13,754 | 164 | 10,920 | 130 | 8.0% | 10 | -21% | 01.03.19 | 40% | ||||||||||||||||||||||||||||||||
809-05-03 | Vale Moto GmbH | 0 | IP | 6 | 1,080 | 15 | 9,360 | 130 | 8.0% | 10 | +767% | 01.07.18 | 40% | ||||||||||||||||||||||||||||||||
809-05-03 | Vale Moto GmbH | 0 | IP | 1 | 180 | 15 | 1,560 | 130 | 8.0% | 10 | +767% | 01.07.18 | 40% | ||||||||||||||||||||||||||||||||
809-24-01 | S&C Sportcars Rümlang | 0 | IP | 5 | 12,000 | 200 | 7,800 | 130 | 8.0% | 10 | -35% | 01.12.19 | 30.11.24 | 31.05.21 | 1x5 | 40% | |||||||||||||||||||||||||||||
809-06-01/4 | Novabau AG | 0 | OP | 6 | 4,680 | 65 | 4,680 | 65 | 5.0% | 10 | +0% | 01.12.03 | 31.05.23 | 31.05.21 | 80% | ||||||||||||||||||||||||||||||
809-17-02 | Resin Floor GmbH | 0 | OP | 2 | 1,920 | 80 | 1,920 | 80 | 5.0% | 10 | +0% | 01.02.18 | 31.01.23 | 1x5 | 40% | ||||||||||||||||||||||||||||||
809-05-01 | Vale Moto GmbH | 0 | OP | 3 | 2,160 | 60 | 2,160 | 60 | 5.0% | 10 | +0% | 01.01.13 | 31.12.22 | 40% |
118318 | 101-17096-100 | Rümlang, Riedmattstrasse 9 | Created by Wüest Partner, 26.03.2020, DRAFT – Desktop Valuation as at 1 April 2020 | Page 13 of 31 |
Wüest Dimensions - Business intelligence by Wüest Partner |
Rental unit | Current rent | Market rent | Δ | Current lease agreement | ||||||||||||||||||||||||||||||||||||||
Ref. No. | Tenant name | Floo UT | No. | Ro | Area | CHF p.a. | Unit/month | per sqm | CHF p.a. | Unit/month | Q. | per | Q. | Vacant | Trans. | Dev. | Start | End | Early | Options | Index | |||||||||||||||||||||
r | [sqm] | [CHF] | [CHF] | [CHF] | sqm | [a] | break/1st | real/false | ||||||||||||||||||||||||||||||||||
[CHF] | notice | |||||||||||||||||||||||||||||||||||||||||
% project. | % proj… | |||||||||||||||||||||||||||||||||||||||||
Total budgeted rental income | 186 | 12,380 | 1,810,048 | 100.0% | 128 | 1,881,870 | 843 | 134 | 100.0% | +4% | ||||||||||||||||||||||||||||||||
Total vacancy | 20 | 1,000 | 172,920 | 9.6% | 110,980 | 5.9% | -36% | |||||||||||||||||||||||||||||||||||
Total tenants | 166 | 11,380 | 1,637,128 | 90.4% | 1,770,890 | 94.1% | +8% |
Legend: |
■ | Vacancy | |
■ Tenant name | Vacant, but the future tenant is already known. |
Comments:
• | Arrow Central Europe GmbH: Lease contract terminated per 30.04.2020 |
• | ZS Carpoint AG: Vacancy from 01.03.2020 |
• | Gondrand International AG: Lease prolongation until 2025 assumed although no lease contract has been signed. |
• | Fehr Real Estate GmbH: No early break options (would include a penalty payment) or any prolongation option has been applied in the valuation. |
118318 | 101-17096-100 | Rümlang, Riedmattstrasse 9 | Created by Wüest Partner, 26.03.2020, DRAFT - Desktop Valuation as at 1 April 2020 | Page 14 of 31 |
Wüest Dimensions - Business intelligence by Wüest Partner |
Tenant list outlook
Rental unit | Rents | Periods | real cashflows | ||||||||||||||||||||||||||||||||||||
Actual | Market | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | |||||||||||||||||||||||||||
Ref. No. | Tenant | Floor UT | No. | Ro | sqm | end [a] | CHF p.a. | CHF p.a. | 01.04.2020 | 01.04.2021 | 01.04.2022 | 01.04.2023 | 01.04.2024 | 01.04.2025 | 01.04.2026 | 01.04.2027 | 01.04.2028 | 01.04.2029 | ||||||||||||||||||||
- 31.03.2021 | - 31.03.2022 | - 31.03.2023 | - 31.03.2024 | - 31.03.2025 | - 31.03.2026 | - 31.03.2027 | - 31.03.2028 | - 31.03.2029 | - 31.03.2030 | |||||||||||||||||||||||||||||
809-10-02 | Butti Mario | -1 | W | 1 | 82 | 0.2 | 3,840 | 6,560 | 3,917 | 4,169 | 4,431 | 4,696 | 4,962 | 5,231 | 5,503 | 5,779 | 6,059 | 6,343 | ||||||||||||||||||||
809-01-02 | Polymed Medical Center (Lager) | -1 | W | 1 | 198 | 0.2 | 17,820 | 15,840 | 17,764 | 17,527 | 17,294 | 17,073 | 16,862 | 16,662 | 16,471 | 16,291 | 16,119 | 15,956 | ||||||||||||||||||||
809-01-04 | Polymed Medical Center (Lager) | -1 | W | 1 | 287 | 0.5 | 25,830 | 22,960 | 25,794 | 25,474 | 25,136 | 24,813 | 24,506 | 24,213 | 23,936 | 23,672 | 23,422 | 23,185 | ||||||||||||||||||||
809-08-01 | Theodor Riccardo AG | -1 | W | 1 | 18 | 0.2 | 480 | 1,440 | 507 | 598 | 693 | 787 | 882 | 977 | 1,073 | 1,169 | 1,267 | 1,365 | ||||||||||||||||||||
809-08-01 | Theodor Riccardo AG | -1 | W | 1 | 46 | 0.2 | 2,400 | 3,680 | 2,436 | 2,553 | 2,676 | 2,799 | 2,924 | 3,050 | 3,179 | 3,309 | 3,442 | 3,577 | ||||||||||||||||||||
809-08-02 | Theodor Riccardo AG | -1 | W | 1 | 48 | 3.0 | 3,840 | 3,840 | 3,840 | 3,836 | 3,832 | 3,829 | 3,827 | 3,826 | 3,825 | 3,825 | 3,826 | 3,828 | ||||||||||||||||||||
809-12-01 | Clear Channel Schweiz AG | 0 | SU… | 1 | 0.7 | 3,500 | 3,500 | 3,500 | 3,497 | 3,494 | 3,492 | 3,491 | 3,491 | 3,491 | 3,492 | 3,494 | 3,496 | |||||||||||||||||||||
809-06-01/4 | Novabau AG | 0 | Ret | 1 | 689 | 1.2 | 77,232 | 75,790 | 77,232 | 77,108 | 76,907 | 76,720 | 76,548 | 76,391 | 76,250 | 76,124 | 76,013 | 75,917 | ||||||||||||||||||||
809-01-01/4 | Polymed Medical Center | 0 | W | 1 | 480 | 0.2 | 44,232 | 38,400 | 44,068 | 43,389 | 42,721 | 42,081 | 41,467 | 40,879 | 40,315 | 39,774 | 39,256 | 38,759 | ||||||||||||||||||||
809-17-02 | Resin Floor GmbH | 0 | O | 1 | 165 | 2.8 | 24,900 | 21,450 | 24,900 | 24,875 | 24,846 | 24,601 | 24,244 | 23,893 | 23,546 | 23,204 | 22,866 | 22,533 | ||||||||||||||||||||
809-08-01 | Theodor Riccardo AG | 0 | Ind. | 1 | 90 | 0.2 | 11,340 | 12,600 | 11,375 | 11,467 | 11,570 | 11,679 | 11,794 | 11,917 | 12,046 | 12,183 | 12,328 | 12,480 | ||||||||||||||||||||
809-08-01 | Theodor Riccardo AG | 0 | W | 1 | 25 | 0.2 | 3,240 | 2,000 | 3,205 | 3,077 | 2,947 | 2,820 | 2,694 | 2,571 | 2,448 | 2,328 | 2,208 | 2,089 | ||||||||||||||||||||
809-08-01 | Theodor Riccardo AG | 0 | W | 1 | 31 | 0.2 | 3,906 | 2,480 | 3,866 | 3,718 | 3,569 | 3,422 | 3,277 | 3,135 | 2,995 | 2,856 | 2,718 | 2,582 | ||||||||||||||||||||
809-05-01 | Vale Moto GmbH | 0 | Ret | 1 | 280 | 2.7 | 33,360 | 30,800 | 33,360 | 33,327 | 33,286 | 33,077 | 32,804 | 32,538 | 32,279 | 32,027 | 31,780 | 31,540 | ||||||||||||||||||||
809-99-99 | ■ | 0 | Ret | 1 | 90 | 9,900 | 9,900 | 9,900 | 9,900 | 9,900 | 9,900 | 9,900 | 9,900 | 9,900 | 9,900 | 9,900 | 9,900 | |||||||||||||||||||||
809-02-03 | Fastlog AG | 1 | Ind. | 1 | 1800 | 1.2 | 223,116 | 252,000 | 223,116 | 223,712 | 226,332 | 229,084 | 231,879 | 234,719 | 237,605 | 240,539 | 243,523 | 246,559 | ||||||||||||||||||||
809-02-03 | Fastlog AG | 1 | Ind. | 1 | 571 | 1.2 | 70,776 | 79,940 | 70,776 | 70,965 | 71,796 | 72,670 | 73,556 | 74,457 | 75,373 | 76,304 | 77,251 | 78,214 | ||||||||||||||||||||
809-02-03 | Fastlog AG | 1 | Ind. | 1 | 105 | 1.2 | 13,020 | 14,700 | 13,020 | 13,055 | 13,207 | 13,367 | 13,530 | 13,695 | 13,863 | 14,033 | 14,207 | 14,383 | ||||||||||||||||||||
809-02-03 | Fastlog AG | 1 | Ind. | 1 | 146 | 1.2 | 18,096 | 20,440 | 18,096 | 18,144 | 18,357 | 18,580 | 18,807 | 19,038 | 19,272 | 19,510 | 19,752 | 19,998 | ||||||||||||||||||||
809-02-03 | Fastlog AG | 1 | Ind. | 1 | 155 | 1.2 | 19,212 | 21,700 | 19,212 | 19,263 | 19,489 | 19,726 | 19,967 | 20,211 | 20,460 | 20,713 | 20,970 | 21,231 | ||||||||||||||||||||
809-02-03 | Fastlog AG | 1 | Ind. | 1 | 180 | 1.2 | 22,320 | 25,200 | 22,320 | 22,379 | 22,641 | 22,915 | 23,194 | 23,477 | 23,764 | 24,057 | 24,355 | 24,657 | ||||||||||||||||||||
809-01-01/4 | Polymed Medical Center | 2 | Ind. | 1 | 1298 | 0.2 | 172,764 | 181,720 | 173,016 | 173,429 | 173,971 | 174,615 | 175,361 | 176,211 | 177,167 | 178,230 | 179,401 | 180,684 | ||||||||||||||||||||
809-01-01/4 | Polymed Medical Center | 2 | Ind. | 1 | 864 | 0.2 | 115,000 | 120,960 | 115,168 | 115,443 | 115,803 | 116,232 | 116,728 | 117,294 | 117,930 | 118,637 | 119,417 | 120,270 | ||||||||||||||||||||
809-01-01/4 | Polymed Medical Center | 2 | Ind. | 1 | 913 | 0.2 | 119,856 | 127,820 | 120,080 | 120,536 | 121,086 | 121,706 | 122,397 | 123,160 | 123,997 | 124,910 | 125,899 | 126,967 | ||||||||||||||||||||
809-19-02 | Gondrand International AG | 3 | O | 1 | 431 | 2.2 | 71,115 | 64,650 | 71,115 | 71,044 | 70,754 | 70,071 | 69,394 | 68,732 | 68,083 | 67,447 | 66,825 | 66,216 | ||||||||||||||||||||
809-25-01 | CesaroSana GmbH | 3 | O | 1 | 36 | 4.8 | 5,040 | 5,400 | 5,040 | 5,035 | 5,030 | 5,025 | 5,020 | 5,041 | 5,075 | 5,110 | 5,146 | 5,183 | ||||||||||||||||||||
809-99-99 | ■ | 3 | O | 1 | 388 | 58,200 | 58,200 | 58,200 | 58,200 | 58,200 | 58,200 | 58,200 | 58,200 | 58,200 | 58,200 | 58,200 | 58,200 | |||||||||||||||||||||
809-07-01/2 | Polygene AG | 3 | O | 1 | 525 | 3.7 | 77,364 | 78,750 | 77,364 | 77,287 | 77,210 | 77,138 | 77,183 | 77,289 | 77,409 | 77,545 | 77,697 | 77,864 | ||||||||||||||||||||
809-01-05 | Polymed Medical Center | 3 | O | 1 | 297 | 2.2 | 47,520 | 44,550 | 47,520 | 47,378 | 47,162 | 46,780 | 46,420 | 46,088 | 45,783 | 45,507 | 45,256 | 45,033 | ||||||||||||||||||||
809-23-01 | Wenger Krenar | 3 | O | 1 | 62 | 0.2 | 8,680 | 9,300 | 8,698 | 8,735 | 8,779 | 8,828 | 8,882 | 8,942 | 9,007 | 9,077 | 9,153 | 9,235 | ||||||||||||||||||||
809-27-01 | Fehr Real Estate GmbH | 3 | O | 1 | 77 | 5.0 | 10,780 | 11,550 | 10,780 | 10,780 | 10,780 | 10,780 | 10,780 | 10,819 | 10,896 | 10,973 | 11,050 | 11,127 | ||||||||||||||||||||
809-24-01 | S&C Sportcars Rümlang | 3 | O | 1 | 71 | 4.7 | 9,940 | 10,650 | 9,940 | 9,930 | 9,920 | 9,911 | 9,905 | 9,954 | 10,021 | 10,091 | 10,162 | 10,236 | ||||||||||||||||||||
809-03-06 | Arrow Central Europe GmbH | 4 | W | 1 | 56 | 0.1 | 8,064 | 4,480 | 7,913 | 7,550 | 7,187 | 6,826 | 6,467 | 6,109 | 5,752 | 5,396 | 5,041 | 4,687 | ||||||||||||||||||||
809-03-06 | Arrow Central Europe GmbH | 4 | O | 1 | 924 | 0.1 | 133,056 | 138,600 | 133,289 | 133,727 | 134,193 | 134,685 | 135,204 | 135,749 | 136,321 | 136,921 | 137,549 | 138,204 | ||||||||||||||||||||
809-03-06 | Arrow Central Europe GmbH | 4 | SU… | 1 | 18 | 0.1 | 2,592 | 0 | 2,483 | 2,223 | 1,963 | 1,703 | 1,444 | 1,185 | 927 | 668 | 410 | 151 | ||||||||||||||||||||
809-02-04 | Fastlog AG | 4 | Ind. | 1 | 412 | 0.2 | 37,080 | 57,680 | 37,659 | 39,620 | 41,651 | 43,687 | 45,730 | 47,782 | 49,843 | 51,915 | 54,000 | 56,097 | ||||||||||||||||||||
809-99-99 | ■ | 4 | O | 1 | 522 | 78,300 | 78,300 | 78,300 | 78,300 | 78,300 | 78,300 | 78,300 | 78,300 | 78,300 | 78,300 | 78,300 | 78,300 | |||||||||||||||||||||
809-03-06 | Arrow Central Europe GmbH | -3 | IP | 7 | 0.1 | 7,920 | 10,920 | 8,046 | 8,324 | 8,606 | 8,892 | 9,184 | 9,480 | 9,782 | 10,090 | 10,406 | 10,728 | |||||||||||||||||||||
809-03-06 | Arrow Central Europe GmbH | -3 | IP | 9 | 0.1 | 12,960 | 14,040 | 13,005 | 13,079 | 13,161 | 13,251 | 13,348 | 13,453 | 13,566 | 13,687 | 13,817 | 13,955 | |||||||||||||||||||||
809-03-06 | Arrow Central Europe GmbH | -3 | IP | 6 | 0.1 | 960 | 9,360 | 1,313 | 2,144 | 2,976 | 3,807 | 4,639 | 5,472 | 6,309 | 7,151 | 8,000 | 8,856 |
118318 | 101-17096-100 | Rümlang, Riedmattstrasse 9 | Created by Wüest Partner, 26.03.2020, DRAFT - Desktop Valuation as at 1 April 2020 | Page 15 of 31 |
Wüest Dimensions - Business intelligence by Wüest Partner |
Rental unit | Rents | Periods | real cashflows | ||||||||||||||||||||||||||||||||||||
Actual | Market | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | |||||||||||||||||||||||||||
Ref. No. | Tenant | Floor | UT | No. | Ro | sqm | end [a] | CHF p.a. | CHF p.a. | 01.04.2020 | 01.04.2021 | 01.04.2022 | 01.04.2023 | 01.04.2024 | 01.04.2025 | 01.04.2026 | 01.04.2027 | 01.04.2028 | 01.04.2029 | |||||||||||||||||||
- 31.03.2021 | - 31.03.2022 | - 31.03.2023 | - 31.03.2024 | - 31.03.2025 | - 31.03.2026 | - 31.03.2027 | - 31.03.2028 | - 31.03.2029 | - 31.03.2030 | |||||||||||||||||||||||||||||
809-03-06 | Arrow Central Europe GmbH | -3 | IP | 7 | 0.1 | 6,720 | 10,920 | 6,896 | 7,296 | 7,700 | 8,107 | 8,518 | 8,934 | 9,355 | 9,782 | 10,216 | 10,658 | |||||||||||||||||||||
809-02-05 | Fastlog AG | -2 | IP | 8 | 0.2 | 11,520 | 12,480 | 11,547 | 11,610 | 11,682 | 11,761 | 11,846 | 11,939 | 12,039 | 12,146 | 12,261 | 12,383 | |||||||||||||||||||||
809-19-03 | Gondrand International AG | -2 | IP | 3 | 2.2 | 8,640 | 4,680 | 8,640 | 8,614 | 8,454 | 8,049 | 7,646 | 7,247 | 6,854 | 6,465 | 6,079 | 5,695 | |||||||||||||||||||||
809-19-03 | Gondrand International AG | -2 | IP | 2 | 2.2 | 5,760 | 3,120 | 5,760 | 5,743 | 5,636 | 5,366 | 5,097 | 4,832 | 4,569 | 4,310 | 4,052 | 3,797 | |||||||||||||||||||||
809-19-03 | Gondrand International AG | -2 | IP | 1 | 2.2 | 2,880 | 1,560 | 2,880 | 2,871 | 2,818 | 2,683 | 2,549 | 2,416 | 2,285 | 2,155 | 2,026 | 1,898 | |||||||||||||||||||||
809-19-03 | Gondrand International AG | -2 | IP | 2 | 2.2 | 3,840 | 3,120 | 3,840 | 3,829 | 3,793 | 3,715 | 3,639 | 3,564 | 3,492 | 3,422 | 3,354 | 3,288 | |||||||||||||||||||||
809-19-03 | Gondrand International AG | -2 | IP | 1 | 2.2 | 1,920 | 1,560 | 1,920 | 1,914 | 1,897 | 1,858 | 1,819 | 1,782 | 1,746 | 1,711 | 1,677 | 1,644 | |||||||||||||||||||||
809-13-01 | Implenia Bau AG | -2 | IP | 1 | 0.2 | 2,880 | 1,560 | 2,843 | 2,708 | 2,571 | 2,436 | 2,303 | 2,172 | 2,041 | 1,912 | 1,784 | 1,656 | |||||||||||||||||||||
809-13-01 | Implenia Bau AG | -2 | IP | 1 | 0.2 | 1,560 | 1,560 | 1,560 | 1,556 | 1,553 | 1,551 | 1,549 | 1,549 | 1,550 | 1,551 | 1,553 | 1,557 | |||||||||||||||||||||
809-99-99 | ■ | -2 | IP | 2 | 3,120 | 3,120 | 3,120 | 3,120 | 3,120 | 3,120 | 3,120 | 3,120 | 3,120 | 3,120 | 3,120 | 3,120 | ||||||||||||||||||||||
809-08-03 | Theodor Riccardo AG | -2 | IP | 1 | 0.2 | 2,400 | 1,560 | 2,376 | 2,289 | 2,201 | 2,114 | 2,029 | 1,945 | 1,862 | 1,781 | 1,700 | 1,620 | |||||||||||||||||||||
809-05-02 | Vale Moto GmbH | -2 | IP | 1 | 0.2 | 2,880 | 1,560 | 2,843 | 2,708 | 2,571 | 2,436 | 2,303 | 2,172 | 2,041 | 1,912 | 1,784 | 1,656 | |||||||||||||||||||||
809-27-01 | Fehr Real Estate GmbH | -2 | IP | 5 | 5.0 | 12,000 | 7,800 | 12,000 | 12,000 | 12,000 | 12,000 | 12,000 | 11,790 | 11,370 | 10,950 | 10,530 | 10,110 | |||||||||||||||||||||
809-99-99 | ■ | -1 | IP | 2 | 3,120 | 3,120 | 3,120 | 3,120 | 3,120 | 3,120 | 3,120 | 3,120 | 3,120 | 3,120 | 3,120 | 3,120 | ||||||||||||||||||||||
809-99-99 | ■ | -1 | IP | 4 | 6,240 | 6,240 | 6,240 | 6,240 | 6,240 | 6,240 | 6,240 | 6,240 | 6,240 | 6,240 | 6,240 | 6,240 | ||||||||||||||||||||||
809-99-99 | ■ | -1 | IP | 9 | 14,040 | 14,040 | 14,040 | 14,040 | 14,040 | 14,040 | 14,040 | 14,040 | 14,040 | 14,040 | 14,040 | 14,040 | ||||||||||||||||||||||
809-07-02 | Polygene AG | -1 | IP | 1 | 0.2 | 1,440 | 1,560 | 1,443 | 1,451 | 1,460 | 1,470 | 1,481 | 1,492 | 1,505 | 1,518 | 1,533 | 1,548 | |||||||||||||||||||||
809-01-01 | Polymed Medical Center | -1 | IP | 2 | 0.2 | 2,647 | 3,120 | 2,660 | 2,699 | 2,741 | 2,784 | 2,828 | 2,875 | 2,923 | 2,973 | 3,025 | 3,078 | |||||||||||||||||||||
809-01-01/5 | Polymed Medical Center | -1 | IP | 11 | 0.2 | 18,256 | 17,160 | 18,225 | 18,071 | 17,926 | 17,792 | 17,668 | 17,555 | 17,453 | 17,361 | 17,279 | 17,207 | |||||||||||||||||||||
809-01-01/5 | Polymed Medical Center | -1 | IP | 1 | 0.2 | 1,740 | 1,560 | 1,735 | 1,713 | 1,692 | 1,671 | 1,652 | 1,634 | 1,617 | 1,600 | 1,585 | 1,570 | |||||||||||||||||||||
809-08-01 | Theodor Riccardo AG | -1 | IP | 1 | 0.2 | 1,440 | 1,560 | 1,443 | 1,451 | 1,460 | 1,470 | 1,481 | 1,492 | 1,505 | 1,518 | 1,533 | 1,548 | |||||||||||||||||||||
809-22-01 | ZS Carpoint AG | -1 | IP | 1 | 3.9 | 1,560 | 1,560 | 1,560 | 1,555 | 1,551 | 1,546 | 1,543 | 1,541 | 1,539 | 1,539 | 1,540 | 1,542 | |||||||||||||||||||||
809-22-01 | ZS Carpoint AG | -1 | IP | 10 | 3.9 | 15,600 | 15,600 | 15,600 | 15,584 | 15,569 | 15,553 | 15,542 | 15,535 | 15,531 | 15,530 | 15,533 | 15,539 | |||||||||||||||||||||
809-22-01 | ZS Carpoint AG | -1 | IP | 6 | 3.9 | 9,360 | 9,360 | 9,360 | 9,332 | 9,304 | 9,276 | 9,255 | 9,243 | 9,236 | 9,235 | 9,240 | 9,250 | |||||||||||||||||||||
809-22-01 | ZS Carpoint AG | -1 | IP | 13 | 3.9 | 20,280 | 20,280 | 20,280 | 20,260 | 20,240 | 20,220 | 20,204 | 20,195 | 20,190 | 20,190 | 20,193 | 20,200 | |||||||||||||||||||||
809-25-01 | CesaroSana GmbH | -1 | IP | 1 | 1.8 | 2,880 | 1,560 | 2,880 | 2,870 | 2,776 | 2,640 | 2,506 | 2,373 | 2,242 | 2,113 | 1,984 | 1,856 | |||||||||||||||||||||
809-01-01 | Polymed Medical Center | 0 | IP | 7 | 0.2 | 13,754 | 10,920 | 13,674 | 13,365 | 13,056 | 12,756 | 12,464 | 12,180 | 11,903 | 11,632 | 11,368 | 11,110 | |||||||||||||||||||||
809-05-03 | Vale Moto GmbH | 0 | IP | 6 | 0.1 | 1,080 | 9,360 | 1,428 | 2,247 | 3,067 | 3,886 | 4,705 | 5,527 | 6,352 | 7,182 | 8,019 | 8,863 | |||||||||||||||||||||
809-05-03 | Vale Moto GmbH | 0 | IP | 1 | 0.1 | 180 | 1,560 | 238 | 375 | 511 | 648 | 784 | 921 | 1,059 | 1,197 | 1,336 | 1,477 | |||||||||||||||||||||
809-24-01 | S&C Sportcars Rümlang | 0 | IP | 5 | 1.2 | 12,000 | 7,800 | 12,000 | 11,820 | 11,381 | 10,945 | 10,516 | 10,094 | 9,679 | 9,269 | 8,863 | 8,462 | |||||||||||||||||||||
809-06-01/4 | Novabau AG | 0 | OP | 6 | 3.2 | 4,680 | 4,680 | 4,680 | 4,675 | 4,671 | 4,667 | 4,664 | 4,662 | 4,661 | 4,662 | 4,663 | 4,665 | |||||||||||||||||||||
809-17-02 | Resin Floor GmbH | 0 | OP | 2 | 7.8 | 1,920 | 1,920 | 1,920 | 1,914 | 1,909 | 1,903 | 1,897 | 1,892 | 1,886 | 1,880 | 1,878 | 1,877 | |||||||||||||||||||||
809-05-01 | Vale Moto GmbH | 0 | OP | 3 | 2.7 | 2,160 | 2,160 | 2,160 | 2,154 | 2,147 | 2,142 | 2,139 | 2,137 | 2,136 | 2,136 | 2,138 | 2,141 | |||||||||||||||||||||
Total | 1,810,048 | 1,881,870 | 1,812,047 | 1,815,995 | 1,822,711 | 1,828,531 | 1,834,849 | 1,841,739 | 1,849,105 | 1,857,098 | 1,865,727 | 1,875,001 | ||||||||||||||||||||||||||
Share of rental income from rental contracts | 46% | 21% | 13% | 9% | 2% | 0% | 0% | 0% | 0% | 0% |
Legend: | ||
■ | Vacancy | |
■ Tenant name | Vacant, but the future tenant is already known. |
118318 | 101-17096-100 | Rümlang, Riedmattstrasse 9 | Created by Wüest Partner, 26.03.2020, DRAFT – Desktop Valuation as at 1 April 2020 | Page 16 of 31 |
Wüest Dimensions - Business intelligence by Wüest Partner |
Summary by tenant and use type
Rental property | Current rent | Market rent | Δ | Current lease agreement | ||||||||||||||||||||||||||||||||||||||||
Tenant | UT | No. | sqm | Share | CHF p.a. CHF/sqm | Q. | Share | CHF p.a. CHF/sqm | Q. | Vac. | Dev. | Start | End | Early break | End | Index | ||||||||||||||||||||||||||||
Min | Max | Ø | Min | Max | Ø | Min | Max | earliest termin. | [a] | Ø | ||||||||||||||||||||||||||||||||||
Polymed Medical Center | 26 | 3,852 | 33% | 535,769 | 92 | 160 | 130 | 38% | 32% | 546,210 | 80 | 150 | 133 | 39% | 5.3% | 2% | 01.09.00 | 30.06.22 | 0.4 | 40% | ||||||||||||||||||||||||
Ind. | 3 | 3,075 | 76% | 407,620 | 131 | 133 | 133 | 35% | 79% | 430,500 | 140 | 140 | 140 | 39% | 5.0% | 6% | 01.09.00 | 0.2 | 40% | |||||||||||||||||||||||||
O | 1 | 297 | 9% | 47,520 | 160 | 160 | 160 | 46% | 8% | 44,550 | 150 | 150 | 150 | 40% | 7.0% | -6% | 01.09.17 | 30.06.22 | 2.2 | 40% | ||||||||||||||||||||||||
W | 1 | 480 | 8% | 44,232 | 92 | 92 | 92 | 7% | 38,400 | 80 | 80 | 80 | 5.0% | -13% | 01.09.00 | 0.2 | 40% | |||||||||||||||||||||||||||
IP | 21 | 7% | 36,397 | 6% | 32,760 | 8.0% | -10% | 01.09.00 | 0.2 | 40% | ||||||||||||||||||||||||||||||||||
Fastlog AG | 15 | 3,369 | 25% | 415,140 | 90 | 124 | 120 | 28% | 28% | 484,140 | 140 | 140 | 140 | 39% | 5.1% | 17% | 01.07.10 | 30.06.21 | 1.1 | 79% | ||||||||||||||||||||||||
Ind. | 7 | 3,369 | 97% | 403,620 | 90 | 124 | 120 | 28% | 97% | 471,660 | 140 | 140 | 140 | 39% | 5.0% | 17% | 01.07.15 | 30.06.21 | 1.2 | 80% | ||||||||||||||||||||||||
IP | 8 | 3% | 11,520 | 3% | 12,480 | 8.0% | 8% | 01.07.10 | 0.2 | 40% | ||||||||||||||||||||||||||||||||||
Arrow Central Europe GmbH | 32 | 998 | 11% | 172,272 | 144 | 144 | 144 | 36% | 11% | 188,320 | 0 | 150 | 143 | 40% | 7.2% | 9% | 01.05.14 | 30.04.20 | 0.1 | 73% | ||||||||||||||||||||||||
O | 1 | 924 | 77% | 133,056 | 144 | 144 | 144 | 36% | 74% | 138,600 | 150 | 150 | 150 | 40% | 7.0% | 4% | 01.05.14 | 30.04.20 | 0.1 | 80% | ||||||||||||||||||||||||
IP | 29 | 17% | 28,560 | 24% | 45,240 | 8.0% | 58% | 01.10.15 | 30.04.20 | 0.1 | 40% | |||||||||||||||||||||||||||||||||
W | 1 | 56 | 5% | 8,064 | 144 | 144 | 144 | 2% | 4,480 | 80 | 80 | 80 | 5.0% | -44% | 01.05.14 | 30.04.20 | 0.1 | 80% | ||||||||||||||||||||||||||
SUw | 1 | 18 | 2% | 2,592 | 144 | 144 | 144 | 0% | 0 | 0 | 0 | 0 | -100% | 01.05.14 | 30.04.20 | 0.1 | 80% | |||||||||||||||||||||||||||
A | ||||||||||||||||||||||||||||||||||||||||||||
Gondrand International AG | 10 | 431 | 6% | 94,155 | 165 | 165 | 165 | 50% | 5% | 78,690 | 150 | 150 | 150 | 40% | 7.2% | -16% | 01.06.15 | 31.05.25 | 31.05.22 | 2.2 | 70% | |||||||||||||||||||||||
O | 1 | 431 | 76% | 71,115 | 165 | 165 | 165 | 50% | 82% | 64,650 | 150 | 150 | 150 | 40% | 7.0% | -9% | 01.06.15 | 31.05.25 | 31.05.22 | 2.2 | 80% | |||||||||||||||||||||||
IP | 9 | 24% | 23,040 | 18% | 14,040 | 8.0% | -39% | 01.10.15 | 31.05.25 | 31.05.22 | 2.2 | 40% | ||||||||||||||||||||||||||||||||
Novabau AG | 7 | 689 | 5% | 81,912 | 112 | 112 | 112 | 14% | 5% | 80,470 | 110 | 110 | 110 | 13% | 5.0% | -2% | 01.12.03 | 31.05.23 | 31.05.21 | 1.3 | 80% | |||||||||||||||||||||||
Ret | 1 | 689 | 94% | 77,232 | 112 | 112 | 112 | 14% | 94% | 75,790 | 110 | 110 | 110 | 13% | 5.0% | -2% | 01.12.03 | 31.05.23 | 31.05.21 | 1.2 | 80% | |||||||||||||||||||||||
OP | 6 | 6% | 4,680 | 6% | 4,680 | 5.0% | 0% | 01.12.03 | 31.05.23 | 31.05.21 | 3.2 | 80% | ||||||||||||||||||||||||||||||||
Polygene AG | 2 | 525 | 5% | 78,804 | 147 | 147 | 147 | 38% | 5% | 80,310 | 150 | 150 | 150 | 40% | 7.0% | 2% | 01.01.08 | 31.12.23 | 3.7 | 79% | ||||||||||||||||||||||||
O | 1 | 525 | 98% | 77,364 | 147 | 147 | 147 | 38% | 98% | 78,750 | 150 | 150 | 150 | 40% | 7.0% | 2% | 01.01.08 | 31.12.23 | 3.7 | 80% | ||||||||||||||||||||||||
IP | 1 | 2% | 1,440 | 2% | 1,560 | 8.0% | 8% | 01.01.14 | 0.2 | 40% | ||||||||||||||||||||||||||||||||||
ZS Carpoint AG | 30 | 3% | 46,800 | 3% | 46,800 | 8.0% | 0% | 01.03.19 | 28.02.24 | 3.9 | 71% | |||||||||||||||||||||||||||||||||
IP | 30 | 100% | 46,800 | 100% | 46,800 | 8.0% | 0% | 01.03.19 | 28.02.24 | 3.9 | 71% | |||||||||||||||||||||||||||||||||
Polymed Medical Center (La… | 2 | 485 | 3% | 43,650 | 90 | 90 | 90 | 2% | 38,800 | 80 | 80 | 80 | 5.0% | -11% | 01.12.15 | 0.4 | 40% |
118318 | 101-17096-100 | Rümlang, Riedmattstrasse 9 | Created by Wüest Partner, 26.03.2020, DRAFT – Desktop Valuation as at 1 April 2020 | Page 17 of 31 |
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Rental property | Current rent | Market rent | Δ | Current lease agreement | ||||||||||||||||||||||||||||||||||||||||
Tenant | UT | No. | sqm | Share | CHF p.a. | CHF/sqm | Q. | Share | CHF p.a. | CHF/sqm | Q. | Vac. | Dev. | Start | End | Early break | End | Index | ||||||||||||||||||||||||||
Min | Max | Ø | Min | Max | Ø | Min | Max | earliest termin. | [a] | Ø | ||||||||||||||||||||||||||||||||||
W | 2 | 485 | 100% | 43,650 | 90 | 90 | 90 | 100% | 38,800 | 80 | 80 | 80 | 5.0% | -11% | 01.12.15 | 0.4 | 40% | |||||||||||||||||||||||||||
Vale Moto GmbH | 12 | 280 | 2% | 39,660 | 119 | 119 | 119 | 18% | 3% | 45,440 | 110 | 110 | 110 | 13% | 5.8% | 15% | 01.01.13 | 31.12.22 | 2.5 | 74% | ||||||||||||||||||||||||
Ret | 1 | 280 | 84% | 33,360 | 119 | 119 | 119 | 18% | 68% | 30,800 | 110 | 110 | 110 | 13% | 5.0% | -8% | 01.01.13 | 31.12.22 | 2.7 | 80% | ||||||||||||||||||||||||
IP | 8 | 10% | 4,140 | 27% | 12,480 | 8.0% | 201% | 01.10.15 | 0.2 | 40% | ||||||||||||||||||||||||||||||||||
OP | 3 | 5% | 2,160 | 5% | 2,160 | 5.0% | 0% | 01.01.13 | 31.12.22 | 2.7 | 40% | |||||||||||||||||||||||||||||||||
Theodor Riccardo AG | 8 | 258 | 2% | 29,046 | 27 | 130 | 98 | 31% | 2% | 29,160 | 80 | 140 | 101 | 39% | 5.3% | 0% | 01.01.12 | 31.03.23 | 0.6 | 45% | ||||||||||||||||||||||||
W | 5 | 168 | 48% | 13,866 | 27 | 130 | 83 | 46% | 13,440 | 80 | 80 | 80 | 5.0% | -3% | 01.01.15 | 31.03.23 | 1.0 | 51% | ||||||||||||||||||||||||||
Ind. | 1 | 90 | 39% | 11,340 | 126 | 126 | 126 | 31% | 43% | 12,600 | 140 | 140 | 140 | 39% | 5.0% | 11% | 01.01.15 | 30.06.20 | 0.2 | 40% | ||||||||||||||||||||||||
IP | 2 | 13% | 3,840 | 11% | 3,120 | 8.0% | -19% | 01.01.12 | 30.06.20 | 0.2 | 40% | |||||||||||||||||||||||||||||||||
Resin Floor GmbH | 3 | 165 | 2% | 26,820 | 151 | 151 | 151 | 40% | 1% | 23,370 | 130 | 130 | 130 | 27% | 6.8% | -13% | 01.02.18 | 31.01.23 | 3.2 | 77% | ||||||||||||||||||||||||
O | 1 | 165 | 93% | 24,900 | 151 | 151 | 151 | 40% | 92% | 21,450 | 130 | 130 | 130 | 27% | 7.0% | -14% | 01.02.18 | 31.01.23 | 2.8 | 80% | ||||||||||||||||||||||||
OP | 2 | 7% | 1,920 | 8% | 1,920 | 5.0% | 0% | 01.02.18 | 31.01.23 | 7.8 | 40% | |||||||||||||||||||||||||||||||||
Fehr Real Estate GmbH | 6 | 77 | 1% | 22,780 | 140 | 140 | 140 | 33% | 1% | 19,350 | 150 | 150 | 150 | 40% | 7.4% | -15% | 01.04.20 | 31.03.25 | 30.09.21 | 5.0 | 100% | |||||||||||||||||||||||
IP | 5 | 53% | 12,000 | 40% | 7,800 | 8.0% | -35% | 01.04.20 | 31.03.25 | 30.09.21 | 5.0 | 100% | ||||||||||||||||||||||||||||||||
O | 1 | 77 | 47% | 10,780 | 140 | 140 | 140 | 33% | 60% | 11,550 | 150 | 150 | 150 | 40% | 7.0% | 7% | 01.04.20 | 31.03.25 | 30.09.21 | 5.0 | 100% | |||||||||||||||||||||||
S&C Sportcars Rümlang | 6 | 71 | 1% | 21,940 | 140 | 140 | 140 | 33% | 1% | 18,450 | 150 | 150 | 150 | 40% | 7.4% | -16% | 01.12.19 | 30.11.24 | 31.05.21 | 2.7 | 58% | |||||||||||||||||||||||
IP | 5 | 55% | 12,000 | 42% | 7,800 | 8.0% | -35% | 01.12.19 | 30.11.24 | 31.05.21 | 1.2 | 40% | ||||||||||||||||||||||||||||||||
O | 1 | 71 | 45% | 9,940 | 140 | 140 | 140 | 33% | 58% | 10,650 | 150 | 150 | 150 | 40% | 7.0% | 7% | 01.12.19 | 30.11.24 | 31.05.21 | 4.7 | 80% | |||||||||||||||||||||||
Wenger Krenar | 1 | 62 | 1% | 8,680 | 140 | 140 | 140 | 33% | 1% | 9,300 | 150 | 150 | 150 | 40% | 7.0% | 7% | 01.09.19 | 0.2 | 40% | |||||||||||||||||||||||||
O | 1 | 62 | 100% | 8,680 | 140 | 140 | 140 | 33% | 100% | 9,300 | 150 | 150 | 150 | 40% | 7.0% | 7% | 01.09.19 | 0.2 | 40% | |||||||||||||||||||||||||
CesaroSana GmbH | 2 | 36 | 0% | 7,920 | 140 | 140 | 140 | 33% | 0% | 6,960 | 150 | 150 | 150 | 40% | 7.2% | -12% | 01.01.20 | 31.01.25 | 31.01.22 | 3.7 | 65% | |||||||||||||||||||||||
O | 1 | 36 | 64% | 5,040 | 140 | 140 | 140 | 33% | 78% | 5,400 | 150 | 150 | 150 | 40% | 7.0% | 7% | 01.01.20 | 31.01.25 | 31.01.22 | 4.8 | 80% | |||||||||||||||||||||||
IP | 1 | 36% | 2,880 | 22% | 1,560 | 8.0% | -46% | 01.01.20 | 31.01.25 | 31.01.22 | 1.8 | 40% | ||||||||||||||||||||||||||||||||
Implenia Bau AG | 2 | 0% | 4,440 | 0% | 3,120 | 8.0% | -30% | 01.11.05 | 0.2 | 40% | ||||||||||||||||||||||||||||||||||
IP | 2 | 100% | 4,440 | 100% | 3,120 | 8.0% | -30% | 01.11.05 | 0.2 | 40% | ||||||||||||||||||||||||||||||||||
Butti Mario | 1 | 82 | 0% | 3,840 | 47 | 47 | 47 | 0% | 6,560 | 80 | 80 | 80 | 5.0% | 71% | 01.04.18 | 0.2 | 40% | |||||||||||||||||||||||||||
W | 1 | 82 | 100% | 3,840 | 47 | 47 | 47 | 100% | 6,560 | 80 | 80 | 80 | 5.0% | 71% | 01.04.18 | 0.2 | 40% | |||||||||||||||||||||||||||
Clear Channel Schweiz AG | 1 | 0% | 3,500 | 0% | 3,500 | 5.0% | 0% | 01.12.00 | 30.11.20 | 0.7 | 80% | |||||||||||||||||||||||||||||||||
SUwo A |
1 | 100% | 3,500 | 100% | 3,500 | 5.0% | 0% | 01.12.00 | 30.11.20 | 0.7 | 80% | |||||||||||||||||||||||||||||||||
Total tenants | 166 | 11,380 | 100% | 1,637,128 | 27 | 165 | 126 | 33% | 100% | 1,708,950 | 0 | 150 | 133 | 37% | 5.8% | 4% | 01.09.00 | 31.05.25 | 17.11.21 | 1.2 | 63% |
118318 | 101-17096-100 | Rümlang, Riedmattstrasse 9 | Created by Wüest Partner, 26.03.2020, DRAFT – Desktop Valuation as at 1 April 2020 | Page 18 of 31 |
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Projected accounts summary
Statement | Annuity | Periods | real cashflows | ||||||||||||||||||||||||||||
CHF p.a. | CHF p.a. | % | Q. | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | Exit | ||||||||||||||||
project. | ||||||||||||||||||||||||||||||
- | 01.04.2020 |
01.04.2020
- 31.03.2021 |
01.04.2021
- 31.03.2022 |
01.04.2022
- 31.03.2023 |
01.04.2023
- 31.03.2024 |
01.04.2024
- 31.03.2025 |
01.04.2025
- 31.03.2026 |
01.04.2026
- 31.03.2027 |
01.04.2027
- 31.03.2028 |
01.04.2028
- 31.03.2029 |
01.04.202
- 31.03.2030 |
01.04.2030 | ||||||||||||||||||
Income | ||||||||||||||||||||||||||||||
Est. rental inc. | 1,868,323 | 100.0% | 1,812,047 | 1,815,995 | 1,822,711 | 1,828,531 | 1,834,849 | 1,841,739 | 1,849,105 | 1,857,098 | 1,865,727 | 1,875,001 | 1,881,966 | |||||||||||||||||
Vacancy | 109,425 | 5.9% | 134,731 | 82,239 | 90,987 | 98,089 | 106,177 | 108,990 | 109,357 | 109,776 | 110,294 | 110,771 | 110,992 | |||||||||||||||||
Income losses | 27,604 | 1.5% | 397,540 | 244,885 | 65,875 | 34,538 | 24,138 | 9,350 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||
Rent-free | 27,604 | 1.5% | 397,540 | 244,885 | 65,875 | 34,538 | 24,138 | 9,350 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||
Actual gross income | 1,731,293 | 92.7% | 1,279,776 | 1,488,870 | 1,665,849 | 1,695,905 | 1,704,534 | 1,723,398 | 1,739,748 | 1,747,321 | 1,755,433 | 1,764,230 | 1,770,974 | |||||||||||||||||
Costs | ||||||||||||||||||||||||||||||
Operating costs | 111,078 | 5.9% | 44% | 239,262 | 193,466 | 144,218 | 131,813 | 122,408 | 121,733 | 120,000 | 120,000 | 120,000 | 120,000 | 95,000 | ||||||||||||||||
% | 5.95% | 13.20% | 10.65% | 7.91% | 7.21% | 6.67% | 6.61% | 6.49% | 6.46% | 6.43% | 6.40% | 5.05% | ||||||||||||||||||
Insurance | 15,000 | 0.8% | 47% | 15,000 | 15,000 | 15,000 | 15,000 | 15,000 | 15,000 | 15,000 | 15,000 | 15,000 | 15,000 | 15,000 | ||||||||||||||||
Property management | 70,000 | 3.7% | 49% | 70,000 | 70,000 | 70,000 | 70,000 | 70,000 | 70,000 | 70,000 | 70,000 | 70,000 | 70,000 | 70,000 | ||||||||||||||||
Other expenditures | 10,000 | 0.5% | 59% | 10,000 | 10,000 | 10,000 | 10,000 | 10,000 | 10,000 | 10,000 | 10,000 | 10,000 | 10,000 | 10,000 | ||||||||||||||||
Property taxes | 0 | 0.0% | 10% | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||
Utilities | 7,783 | 0.4% | 53% | 25,000 | 25,000 | 25,000 | 25,000 | 25,000 | 25,000 | 25,000 | 25,000 | 25,000 | 25,000 | 0 | ||||||||||||||||
Leasing costs | 8,295 | 0.4% | 119,262 | 73,466 | 24,218 | 11,813 | 2,408 | 1,733 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||
Maintenance costs | 113,774 | 6.1% | 72% | 100,000 | 100,000 | 100,000 | 100,000 | 100,000 | 100,000 | 100,000 | 100,000 | 100,000 | 100,000 | 120,000 | ||||||||||||||||
% | 6.09% | 5.52% | 5.51% | 5.49% | 5.47% | 5.45% | 5.43% | 5.41% | 5.38% | 5.36% | 5.33% | 6.38% | ||||||||||||||||||
Maintenance and repair | 113,774 | 6.1% | 72% | 100,000 | 100,000 | 100,000 | 100,000 | 100,000 | 100,000 | 100,000 | 100,000 | 100,000 | 100,000 | 120,000 | ||||||||||||||||
Refurbishment costs | 577,631 | 30.9% | 95% | 1,536,900 | 1,338,650 | 293,250 | 131,250 | 4,026,750 | 19,250 | 0 | 0 | 0 | 0 | 482,544 | ||||||||||||||||
% | 30.92% | 84.82% | 73.71% | 16.09% | 7.18% | 219.46% | 1.05% | 0.00% | 0.00% | 0.00% | 0.00% | 25.64% | ||||||||||||||||||
Refurbishment | 490,643 | 26.3% | 95% | 325,000 | 575,000 | 0 | 0 | 4,000,000 | 0 | 0 | 0 | 0 | 0 | 482,544 | ||||||||||||||||
Tenant improvements | 86,988 | 4.7% | 1,211,900 | 763,650 | 293,250 | 131,250 | 26,750 | 19,250 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||
Total costs | 802,483 | 43.0% | 1,876,162 | 1,632,116 | 537,468 | 363,063 | 4,249,158 | 240,983 | 220,000 | 220,000 | 220,000 | 220,000 | 697,544 | |||||||||||||||||
Total net income | 928,810 | 49.7% | -596,386 | -143,245 | 1,128,381 | 1,332,842 | -2,544,623 | 1,482,416 | 1,519,748 | 1,527,321 | 1,535,433 | 1,544,230 | 1,073,431 |
Re-letting vacancy and incentives:
For the possible re-lettings some incentives/rent-free Period (50% of the projected annual income) are taken into account.
Marketing expenses:
15% of the projected income for the re-letting of the possibly vacant space.
Contribution to tenant improvements:
In the valuation some costs of CHF 200 to 250 per sq m are taken into account as TI to the charge of the landlord within the upcoming years.
Wüest Partner calculates – based on the information received by the client – the following CAPEX within the next 10 years:
● | 2020: CHF 50,000 - Modernization remaining fire safety system |
118318 | 101-17096-100 | Rümlang, Riedmattstrasse 9 | Created by Wüest Partner, 26.03.2020, DRAFT – Desktop Valuation as at 1 April 2020 | Page 19 of 31 |
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● | 2020: CHF 50,000 - Water evacuation Parking (rough assumption by Wüest Partner) |
● | 2020: CHF 225,000 - Subdivision/Refurbishment of space |
● | 2021: CHF 575,000 - Renovation part of the roof |
● | 2025: CHF 4,000,000 - Windows/blinds and facade (estimate Wüest Partner) |
118318 | 101-17096-100 | Rümlang, Riedmattstrasse 9 | Created by Wüest Partner, 26.03.2020, DRAFT – Desktop Valuation as at 1 April 2020 | Page 20 of 31 |
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Sensitivity analysis
Change in annuities | Variation of discount rate (base points) | |||||||||||||||||||||||||||||||
Presentation in absolute terms | Presentation in relative terms | |||||||||||||||||||||||||||||||
Change | Annuity | +30 | +20 | +10 | +/- | -10 | -20 | -30 | +30 | +20 | +10 | +/- | -10 | -20 | -30 | |||||||||||||||||
[Rate in %] | [CHF, %] | 4.10% | 4.00% | 3.90% | 3.80% | 3.70% | 3.60% | 3.50% | 4.10% | 4.00% | 3.90% | 3.80% | 3.70% | 3.60% | 3.50% | |||||||||||||||||
Target rental income | -10% | 1,681,491 | 18,680,000 | 19,150,000 | 19,640,000 | 20,160,000 | 20,700,000 | 21,270,000 | 21,880,000 | -25% | -24% | -22% | -20% | -17% | -15% | -13% | ||||||||||||||||
-5% | 1,774,907 | 20,960,000 | 21,480,000 | 22,030,000 | 22,610,000 | 23,220,000 | 23,870,000 | 24,550,000 | -16% | -14% | -12% | -10% | -7% | -5% | -2% | |||||||||||||||||
+0% | 1,868,323 | 23,240,000 | 23,820,000 | 24,430,000 | 25,070,000 | 25,750,000 | 26,460,000 | 27,220,000 | -7% | -5% | -3% | 0% | 3% | 6% | 9% | |||||||||||||||||
+5% | 1,961,739 | 25,520,000 | 26,150,000 | 26,820,000 | 27,530,000 | 28,270,000 | 29,060,000 | 29,890,000 | 2% | 4% | 7% | 10% | 13% | 16% | 19% | |||||||||||||||||
+10% | 2,055,155 | 27,790,000 | 28,490,000 | 29,220,000 | 29,990,000 | 30,800,000 | 31,650,000 | 32,560,000 | 11% | 14% | 17% | 20% | 23% | 26% | 30% | |||||||||||||||||
Vacancy | +100% | 11.71% | 20,570,000 | 21,080,000 | 21,620,000 | 22,190,000 | 22,790,000 | 23,430,000 | 24,090,000 | -18% | -16% | -14% | -11% | -9% | -7% | -4% | ||||||||||||||||
+50% | 8.79% | 21,900,000 | 22,450,000 | 23,030,000 | 23,630,000 | 24,270,000 | 24,940,000 | 25,660,000 | -13% | -10% | -8% | -6% | -3% | -1% | 2% | |||||||||||||||||
+0% | 5.86% | 23,240,000 | 23,820,000 | 24,430,000 | 25,070,000 | 25,750,000 | 26,460,000 | 27,220,000 | -7% | -5% | -3% | 0% | 3% | 6% | 9% | |||||||||||||||||
-50% | 2.93% | 24,570,000 | 25,190,000 | 25,830,000 | 26,510,000 | 27,230,000 | 27,980,000 | 28,780,000 | -2% | 0% | 3% | 6% | 9% | 12% | 15% | |||||||||||||||||
-100% | 0.00% | 25,910,000 | 26,550,000 | 27,230,000 | 27,950,000 | 28,710,000 | 29,500,000 | 30,350,000 | 3% | 6% | 9% | 11% | 15% | 18% | 21% | |||||||||||||||||
Repair costs | -10% | 519,868 | 24,650,000 | 25,260,000 | 25,910,000 | 26,590,000 | 27,310,000 | 28,070,000 | 28,870,000 | -2% | 1% | 3% | 6% | 9% | 12% | 15% | ||||||||||||||||
-5% | 548,750 | 23,940,000 | 24,540,000 | 25,170,000 | 25,830,000 | 26,530,000 | 27,270,000 | 28,050,000 | -5% | -2% | 0% | 3% | 6% | 9% | 12% | |||||||||||||||||
+0% | 577,631 | 23,240,000 | 23,820,000 | 24,430,000 | 25,070,000 | 25,750,000 | 26,460,000 | 27,220,000 | -7% | -5% | -3% | 0% | 3% | 6% | 9% | |||||||||||||||||
+5% | 606,513 | 22,530,000 | 23,100,000 | 23,690,000 | 24,310,000 | 24,970,000 | 25,660,000 | 26,400,000 | -10% | -8% | -6% | -3% | -0% | 2% | 5% | |||||||||||||||||
+10% | 635,394 | 21,830,000 | 22,370,000 | 22,950,000 | 23,550,000 | 24,190,000 | 24,860,000 | 25,570,000 | -13% | -11% | -8% | -6% | -4% | -1% | 2% | |||||||||||||||||
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Quality profile compact
Weighting | Rating | Total | |||||||||||||
Commercial | 100 | 3.6 - Above-average | Macro-location | 40 | 4.9 - Excellent | ||||||||||
Micro-location | 60 | 3.6 - Above average | |||||||||||||
Location | 40 | 4.1 - Good | Usability | 40 | 3.6 - Above-average | ||||||||||
Macro-location | 40 | 4.9 - Excellent | Standard | 30 | 3.0 - Mainstream | ||||||||||
Micro-location | 60 | 3.6 - Above average | Condition | 30 | 2.9 - Sound | ||||||||||
Location within municipality | 40 | 4.5 - Very good | Market attraction | 20 | 3.3 - Above-average | ||||||||||
Public transport | 30 | 3.0 - Average | |||||||||||||
Footfall | 30 | 3.0 - Average | |||||||||||||
Property | 40 | 3.2 - Average | |||||||||||||
Usability | 40 | 3.6 - Above-average | |||||||||||||
Floorplan | 40 | 3.5 - Slightly above-average | |||||||||||||
Flexibility | 40 | 3.5 - Slightly above-average | |||||||||||||
Parking | 20 | 4.0 - Good | |||||||||||||
Standard | 30 | 3.0 - Mainstream | |||||||||||||
Room size | 33 | 3.0 - Standard | |||||||||||||
Fit-out standard | 33 | 3.0 - Mainstream | |||||||||||||
Technical installations | 33 | 3.0 - Average | |||||||||||||
Condition | 30 | 2.9 - Sound | |||||||||||||
Shell | 20 | 2.5 - In disrepair to sound | |||||||||||||
Finish | 40 | 3.0 - Sound | |||||||||||||
Building services | 40 | 3.0 - Sound | |||||||||||||
Market attraction | 20 | 3.3 - Above-average | |||||||||||||
Lettability | 50 | 3.5 - Above-average | |||||||||||||
Saleability | 50 | 3.0 - Average |
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Photo documentation
Front Aspect (2012) | Office space (2012) | Industrial space 1 (2012) | ||
Industrial space 2 (2012) | Showroom 1 (2012) | Showroom 2 (2012) | ||
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Workshop (2012) | Facade (2012) | Car parking (2012) | ||
Loading bay area (2012) | Roof (2012) | Toilet facilities (2012) | ||
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Maps
Macro location | Micro location | |
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Context
Order
Wüest Partner was commissioned by Optibase RE1 to value the property in question as per the stipulated day of valuation for accounting reasons.
The valuations comply with national and international standards. These standards also accord with the reporting guidelines commonly used in Switzerland. The valuation focuses on the calculation of the market value. In the absence of any official definitions of market value in Switzerland, the concept used in standard European valuation textbooks is adopted. Property values are thus determined in accordance with the guidelines of the RICS (Royal Institution of Chartered Surveyors) and TEGOVA (The European Group of Valuers' Associations).
In accordance to these regulations the market value is defined as ≪the estimated amount for which a property should exchanged on the date of valuation between a willing buyer and a willing seller in an arm’s-length transaction after proper marketing, wherein the parties have each acted knowledgeably, prudently, and without compulsion.»
Value and price may diverge. No allowance can be made in this valuation for any circumstances affecting the price.
Assumption
The valuation is based on the current letting situation as disclosed
in the relevant rent-roll prepared by the charged management. The projected rental income reflects the relevant terms and conditions
of ongoing rental contracts as well as the general regulations of the rental law and the generally applied business principles.
The estimation of the rental values is determined individually for all separate letting units on the basis of the prevailing local
and regional market conditions.
The projection of the running and maintenance cost is determined on the basis of the property accounts
of previous operations and validated with benchmarks and comparable information of the extensive database by Wüest Partner.
The
expected capital expenditures for preserving the building and it’s structure were calculated by means of a lifecycle analysis
of the individual building elements. The building structure's remaining lifespan was estimated and periodic refurbishments modelled
on the basis of the general condition of the fabric as determined during the property inspection. Appropriate annual reserves were
calculated accordingly and plausibility tested using comparables and Wüest Partner's own benchmarks. The calculation factors in
100% of repair costs in the first 10 years; the proportion applied from year 11 onwards is limited to the value-preserving investments.
The relevant discount is based on a risk-adjusted interest rate. Rates are determined individually for each property on the basis
of appropriate benchmarks derived from comparable transactions. Credit risks posed by specific tenants are , if not otherwise stated,
not explicitly factored into the valuation Inflation is respected with an annual rate of 0.5%. Specific adjustment clauses in the
rental contracts are reflected individually.
Disclaimer
In connection with the corona virus/COVID-19 and the fight against the pandemic, drastic measures have been put into effect in many countries, the consequences of which for the overall economy and the real estate market are not yet foreseeable. Above all, the consequences are difficult to quantify at the moment because no or not enough up-to-date comparative financial statements and transactions with these boundary conditions are available. Accordingly, the valuation uncertainty is currently increased.
The commissioned valuation – and, in particular,
the forecasts presented therein – were prepared by Wüest Partner to the best of its knowledge and with due
observance of current professional standards. The valuation was performed with reference to the specified valuation date and
may be affected by subsequent events for which no allowance can be made at the present time. A revaluation shall become
necessary should any such events occur.
The valuation is based on the disclosed documentation provided by the landlord
or it’s agents and listed in the documentation summary. A site visit has been held in the course of the first
recognition of the property.
Nothing in the Report should be construed as advice to proceed or not to proceed with a transaction and/or any investment or provision of finance or the consideration of terms on which to so proceed. The scope of this Report is not nor does it purport to be a confirmation or complete review of all matters of a legal, technical or real estate relevant nature which may be of interest or concern to a potential purchaser and financing parties considering or evaluating whether to proceed with a transaction or the consideration or terms on which to so proceed. In consideration of our agreement to make a copy of the Report available to you, you agree to treat the contents of the Report as confidential and not to distribute copies of the Report, or otherwise disseminate the contents of the Report, to any person without our prior written consent, with the exception of (a) disclosure on a confidential basis to such of your professional advisers, directors, officers, servants, employees and/or agents and members of the group of companies controlled by you who need to consider the matters set out in the Report (b) disclosure required by law in any jurisdiction, or (c) disclosure for regulatory purposes. We hereby confirm to have performed the valuation independently and neutrally in conformity with its business policies. It is addressed to Optibase RE1 and was carried out solely for those purposes specified above. No conflicts of interest of any kind exist. Wüest Partner shall accept no liability in respect of third parties other than that mentioned above.
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Method
The valuation uses the discounted cash-flow (DCF) method. With this method, the current market value of a property is determined as the total of all projected future net income from ongoing operations discounted to present-day equivalents. No allowance is made for any possible transaction cost (such as taxes, charges or fees). Further valuation does not account for any taxation (except of mandatory property taxes) or interest cost. The net income of operations is discounted individually for each property with due allowance for specific opportunities and threats, and with adjustment in line with prevailing market conditions and risks. All projected cash flows are presented to ensure maximum transparency.
Wüest Partner applies a so-called two-period DCF model. The evaluation period extends to infinity, as of the date of valuation. The cash flow is shown explicitly in the first 10 periods. In addition, the exit value is applied in the following period, which represents all subsequent periods.
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Documentation index
Basics | Available | Appendix | Date | Broker | Source | Comment | ||||||
Land registry sheet | 21.12.2017 | Optibase RE1 | LR Niederglatt | |||||||||
Leasehold documentation | ||||||||||||
Land register plan | Optibase RE1 | GIS | Online | |||||||||
Building and zoning regulation | Optibase RE1 | Rumlang | Online | |||||||||
Preservation order | ||||||||||||
Contaminated site | ||||||||||||
Picture documentation | 17.12.2012 | Optibase RE1 | Wüest Partner | |||||||||
Site visit | 17.12.2012 | Optibase RE1 | Wüest Partner | |||||||||
Property management | Available | Appendix | Date | Broker | Source | Comment | ||||||
Area list | 18.03.2020 | Optibase RE1 | Swiss Real Management AG | rent roll | ||||||||
Net rents | 18.03.2020 | Optibase RE1 | Swiss Real Management AG | according to rent roll | ||||||||
Ancillary costs | 18.03.2020 | Optibase RE1 | Swiss Real Management AG | according to rent roll | ||||||||
Net rent area | 18.03.2020 | Optibase RE1 | Swiss Real Management AG | according to rent roll | ||||||||
Contracts of business tenants | Optibase RE1 | Swiss Real Management AG | divers | |||||||||
Turnover sales | ||||||||||||
Property expenses | ||||||||||||
Property budget | ||||||||||||
Investment planning | 18.03.2020 | Optibase RE1 | Swiss Real Management AG | |||||||||
Construction | Available | Appendix | Date | Broker | Source | Comment | ||||||
Building insurance certificate (BIC) | 18.03.2020 | Optibase RE1 | gem. iSure | |||||||||
Building volume (BIC) | ||||||||||||
Construction year (BIC) | ||||||||||||
Building permit | ||||||||||||
Building plans | 18.03.2020 | Optibase RE1 | gem. Mietvertrag | |||||||||
Building specification | ||||||||||||
Areas/volume | ||||||||||||
Building services information | ||||||||||||
Investment expenditure | ||||||||||||
Track record of maintenance/renovation | 18.03.2020 | Optibase RE1 | Swiss Real Management AG | since 2015 | ||||||||
Condition analysis |
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Glossary
Actual Rental Income: The actual rental income represents the target rental income minus other losses of income.
Annuity: In the portfolio report, an annuity is used for a constant value over a given period(s). The annuity of the values for the first ten periods is abbreviated by “Ann. 1-10” and, corresponding to that, with “Ann. 11” for the eleventh period.
Benchmarks: Benchmarks represent a reference value. The portfolio report shows the difference in percentage from the Swiss median (50% percentile) of the average rental income per square meter (per usage type: residential, office, retail and industry/trade).
Budget: The budget contains projected values for costs and revenues, according to the information provided by the owner or the property manager. See also statements.
Calculated end of contract (also called «end» in the report): The calculated end is the time difference in years as of the valuation date. Real options, early breaks, as well as the next termination dates and periods of notice for all uses are also taken into account in the calculation, if they are actually used in the valuation. The calculated end can differ due to the different definition of WAULT (see also definition of WAULT).
Capital growth return: The change in value (capital growth) is primarily caused by market developments and the investments made in the given period. Capital growth return = market value (end) - market value (start) - capital expenditure + capital revenue/market value (start) + capital expenditure. See Swiss Valuation Standards (SVS), 2017.
Cashflow: In general, a cashflow is a financial stream of either income or expenses.
Cash flow yield: Cash flow/market value (start date) + capital expenditure. See Swiss Valuation Standards (SVS), 2017.
Community Type: A summary of the community grouping produced by the Federal Office for Statistics (BfS).
Condition: Condition represents a qualitative assessment of the condition of the outer shell as well as the condition of the inside as well as services of the property. It is deduced in the quality profile of the property.
Condominium Ownership: Condominium ownership is a special kind of co-ownership. It is the co-ownership share of a plot, which gives the co-owner the special right of sole use and internal fit-out of distinct parts of a building (Civil Code Art. 712a-712t)
Contract (as % of income) Fix: «Contract Fix» represents the percentage of expected total future rental income contractually secured at the present time.
Co-ownership: Should several persons possess a unit (property) in fractions and without external divisions, they are classified as co-owners (Civil Code Art.646-651).
Current: Values valid as per the valuation date (date of the rent roll).
Discount Rate: The discount rate is the percentage rate used to discount all cash flows. The level of the chosen discount rate (per cashflow or valuation) reflects the risk assessment.
Distribution by Percentile: Summary A shows which revenue share per usage type (residential, office, retail, business) of the portfolio lies in each percentile segment.
E-Notation: The scientific notation used in Wüest Dimensions is the exponential expression (for base 10), for thousands: Xe3, for millions: Xe6 and for billions: Xe9 (X stands for any number).
Gross Yield: Two types of gross yields are shown: The current gross yield is defined as the proportion of today’s (current) target rental income as a share of market value. The gross annuity yield, the second measurement, is the rental income annuity as a percentage of the market value.
Ground Lease Income/Costs: Ground lease income or costs include income or costs arising from a ground lease contract (in accordance with Civil Code Art. 779 a. ff)
Income Losses: Income losses reflect the sum of all reductions to the target rental income (e.g. vacancy).
Lease (as % of income) + Option: «+Option» represents the percentage of the total rental income represented by «Contract Fix» plus the contractually guaranteed rental income, which is secured by means of a real or tenant-side-only contract renewal option.
Lease (as % of income) indexed: «lndexed» represents the average degree of indexation of the contracted rental positions.
Location Quality: The location quality of a property is a measure of the quality of the location. It is derived by combining both the macro location rating (location of the municipality within Switzerland) and the micro location rating (location of the property within the municipality).
Macro location: The macro location represents the quality of the local real estate market for the corresponding municipality. The basis for this measurement is a comprehensive, use-related municipal rating by Wüest Partner.
Maintenance Costs: The maintenance costs consist of the costs for upkeep and repair.
Maintenance or Upkeep costs (M): The upkeep costs are also referred to as “normal maintenance”. Upkeep measures include all measures undertaken to ensure the continued use of the property (e.g. service work, minor repairs).
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Market Matrix: The market matrix displays all properties in the portfolio according to the location quality (X-axis) and the property quality (Y-axis) depicted. The matrix is divided into nine segments (I to IX). If a property is located in the segment I, for example, this is classified as a top or prime property.
Market Value (MV): The market value is the estimated amount for which an asset should exchange on the date of valuation between a willing buyer and a willing seller in an arm’s-length transaction after proper marketing, wherein the parties had each acted knowledgeably, prudently and without compulsion.
Median: The median refers to a statistical measurement. It divides a number of values into two halves. 50% of the values are lower than the median and 50% are greater the median (median = 50% percentile).
Micro Location: The micro location describes the position of the property within the community. It is determined by factors such as access to public transport, topography of the plot (e.g. south-facing), shopping availability, etc. The assessments are recorded in the quality profile of the property.
MIRR - Modified internal rate of return: IRR is also known as the internal rate of return. In Wüest Dimensions, the modified IRR (MIRR) is being utilised. The MIRR is an indicator that reflects the attractiveness of an initial investment in view of future cash flows. In investment planning, the MIRR can be used to calculate various scenarios. In the DCF calculation, the MIRR is understood as a weighted discount rate or a backward calculation of the discount rate. The MIRR is currently regarded as the best method of calculating the IRR and also takes into account the conclusiveness and payment modality of all present values in the DCF calculation.
Net Yield: The net yield is the ratio of the net income annuity to the calculated market value of the property.
Nominal: Cash flows and values that are reported in nominal terms are not adjusted for inflation.
Overall Coefficient: The overall coefficient for each property is derived from the weighted average of the quality coefficients for the macro location, micro location, condition, standard, and usability.
Percentiles: Distribution indicators, which segment a range of values. The 50-percent-percentile marks the border between the higher-priced and the lower priced halves of values. Correspondingly, the 10-percent percentile marks the border between the lowest 10 percent values and the remaining values.
Period: The valuation period is divided into a certain number of equally large units of time (usually one year). Such a unit of time is called a period.
Portfolio: A collection of several property valuations is summarised in a portfolio.
Potential: The anticipated long-term and sustainable development of the revenues or costs is projected using an assessment of the estimated market value or “potential” for both revenues and costs (particularly rent income).
Projected Rental Income (Projected): The target or projected rental income is the sum of all rental income (including vacancies).
Property Accounts: The property accounts include the historical cost and revenue values as supplied by the owners or property management.
Property Quality: The property quality is a measurement of the quality of a property taking into account the property’s condition, prevailing standards, usability and usage-mix. The information required to determine the quality of the property is taken from the quality profile of the property.
Property Type (P-type): The following property types are recognised: residential property, residential/commercial property, commercial property (solely for commercial use), special property, ground lease property and building land.
Quality Coefficient: A market-value-weighted-average of the corresponding quality factor for each property. Factors include: macro location, micro location, condition, standard and usability.
Real: Real values shown are adjusted for inflation, in other words, deflated. Therein the nominal measurement or value is divided by a price index (e.g. CPI).
Region (Properties by -): Switzerland is divided by Wüest Partner into eight monitoring regions. This regionalisation is again based on a regional division of Switzerland - the so-called 106 MS regions - which was undertaken by the Federal Office for Statistics (BfS).
Rental Income: The rental income shows the current income generated by the letting of rental units and for each usage type i.e. residential, office, retail, industry/trade, special uses and other uses. The annuity is expressed as CHF per m2
Repair Costs (R): The repair costs are also known as “extraordinary maintenance”. They cover all investments that fully replace significant building components and/or are accompanied by a marked qualitative improvement. These may include value-adding investments.
Running or Operating Costs: Running or Operating costs are those costs carried by the owner of the property, incurred during operation and not (fully) passed on to the tenants (e.g. insurance premiums, administrative costs).
Sensitivity analysis (approximate): The deviating market values in the sensitivity analysis are derived approximately using a simplified model calculation; these market values may therefore differ from a detailed DCF valuation.
Sole Ownership: The owner of the property is a single private or legal entity.
Standard: The Standard represents the qualitative assessment of a building reflecting the existing spatial conditions, the materialisation and installed building services. The standard is a part of the quality profile.
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Tenant list and use-type abbreviations: - No. = Number
- Share of fixed-term contracts = Share of secured fixed-term contracts
- Opt. share = Share of secured contracts with real option extension
- End [a] = Calculated end of contract (see separate entry)
- FI. = Floor
- Index % = Share of inflation that can be passed on to the tenant under tenancy law
- Vac. = Vacancy (market)
- Trans. per. [a] = Transition period in years between current rent and market rent (see separate entry)
- Rms = Number of rooms per apartment
Uses
- OA = Outside area
- O = Offices
- LCE = Leisure/culture/education -
- I = Industry
- C = Catering
- H = Health
- H = Hotel
- W = Warehouse
- CSU = Commercial secondary use
- RSU = Residential secondary use
- OP = Outdoor parking
- IP = Indoor parking (parking space)
- SUwA = Special use with area
- SUwoA = Special use without area
- R = Retail
- R = Residential
Total Income: The total revenue includes the target or projected rental income plus any other income (e.g. ground lease revenues, sales revenues, etc.) minus any revenue losses.
Total Net Income: Total net income is calculated as the total of all income minus all costs.
Total Ownership: Owners of the property are several natural or legal persons who are in close (legal) relationship with each other. See, Civil Code Art. 652 - 654.
Total return: The total return of a property is made up of the cash flow of a given period and the change in value from the preceding period.
Usability: Usability measures the quality of the property in respect of: the floor layout, the flexibility of the building structure, the connectivity of the plot, etc. It is recorded in the quality profile of the property.
Usage Area (UA): The usage area is part of the net floor area (NFA), which, in general, serves the overall purpose and use of the building.
Vacancy: A rental unit is deemed to be empty and as such vacant if, as per the rent roll date, no rental contract exists for this rental unit.
WAULT: The WAULT (Weighted Average Unexpired Lease Term) adds up the weighted average remaining terms of contractually fixed rents in a portfolio (up to the earliest possible termination date without extension options). The WAULT must be reported in years.
The uses to be taken into account are:
- Office, hotel, sales, practices, hospitality, warehouse and other commercially used properties
- Unlimited rental contracts with a term of 6 months are taken into account for the calculation.
Property types not to be considered are:
- Apartments, parking spaces, advertising space, cellar/attic
- Vacancies are not taken into account
See definition «SFAMA FI Kennzahlen Immofonds_d_160913»
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Exhibit (c)(3)
Florida House Appraisals | ||
INDIVIDUAL CONDO UNIT APPRAISAL REPORT | File No.: |
AM20MAR21
AM20MAR21 |
SUBJECT | Property Address: 1100 Biscayne Blvd | Unit #: 3405 | City: Miami | State: FL | |||||||||||||||
Zip Code: 33132 | County: Miami Dade. | Legal Description: MARQUIS CONDO UNIT 3405 UNDIV | |||||||||||||||||
0.30572695% INT IN COMMON ELEMENTS. | Assessor’s Parcel #: 01-32-31-070-2100 | ||||||||||||||||||
Tax Year: 2020 | R.E. Taxes: $ 8,353 | Special Assessments: $ 0 | Borrower (if applicable): N/A | ||||||||||||||||
Current Owner of Record: Optibase Real Estate Miami LLC | Occupant: | ☐ Owner | ☐ Tenant (Market Rent) | ☐ Tenant (Regulated Rent) | ☒ Vacant | ||||||||||||||
Project Type: | ☒ Condominium | ☐ Other (describe) | HOA: $ Unk. | ☐ per year | ☐ per month | ||||||||||||||
Market Area Name: | Marquis Condo. | Map Reference: 33124 | Census Tract: 0037.02 | ||||||||||||||||
Project Name: | Marquis Condo. | Phase: | 1 | ||||||||||||||||
MARKET AREA DESCRIPTION | Location: | ☒ Urban | ☐ Suburban | ☐ Rural | Predominant | Condominium Housing | Present Land Use | Change in Land Use | ||||||
Built up: | ☒ Over 75% | ☐ 25-75% | ☐ Under 25% | Occupancy | PRICE | AGE | One-Unit | 70 % | ☒ Not Likely | |||||
Growth rate: | ☒ Rapid | ☐ Stable | ☐ Slow | ☒ Owner 80 | $(000) | (yrs) | 2-4 Unit | % | ☐ Likely * | ☐ In Process * | ||||
Property values: | ☒ Increasing | ☐ Stable | ☐ Declining | ☒ Tenant 20 | 380 | Low | 0 | Multi-Unit | 0 % | * To: | _____________________ | |||
Demand/supply: | ☐ Shortage | ☒ In Balance | ☐ Over Supply | ☐ Vacant (0-5%) | 1,725 | High | 85 | Comm’l | 25 % | |||||
Marketing time: | ☐ Under 3 Mos. | ☒ 3-6 Mos. | ☐ Over 6 Mos. | ☒ Vacant (>5%) | 585 | Pred | 35 | Other | 5 % | |||||
Market Area Boundaries, Description, and Market Conditions (including support for the above characteristics and trends): | I-395 TO THE NORTH,MIAMI RIVER TO | |||||||||||||
THE SOUTH ,BISCAYNE BLVD TO THE EAST, I-95 TO THE WEST. FINANCING IS READILY AVAILABLE FROM A VARIETY OF SOURCES AT COMPETITIVE | ||||||||||||||
RATES. SOME SELLER FINANCING WAS ALSO NOTED. | ||||||||||||||
Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited. | ||
Form GPCONDO - “TOTAL” appraisal software by a la mode, inc. - 1-800-ALAMODE | 6/2007 | |
Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited. | ||
Form GPCONDO - “TOTAL” appraisal software by a la mode, inc. - 1-800-ALAMODE | 6/2007 | |
INDIVIDUAL CONDO UNIT APPRAISAL REPORT |
AM20MAR21 File No.: AM20MAR21 |
Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited. | ||
Form GPCONDO - “TOTAL” appraisal software by a la mode, inc. - 1-800-ALAMODE | 6/2007 | |
INDIVIDUAL CONDO UNIT APPRAISAL REPORT |
AM20MAR21 File No.: AM20MAR21 |
Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited. | ||
Form GPCONDO - “TOTAL” appraisal software by a la mode, inc. - 1-800-ALAMODE | 6/2007 | |
Florida House Appraisals | ||
INDIVIDUAL CONDO UNIT APPRAISAL REPORT | File No.: |
AM34MAR21
AM34MAR21 |
SUBJECT | Property Address: 1100 Biscayne Blvd | Unit #: 3708 | City: MIAMI | State: FL | |||||||||||||||
Zip Code: 33132 | County: Miami Dade. | Legal Description: MARQUIS CONDO UNIT 3708 UNDIV | |||||||||||||||||
0.30572695% INT IN COMMON ELEMENTS. | Assessor’s Parcel #: 01-32-31-070-2950 | ||||||||||||||||||
Tax Year: 2020 | R.E. Taxes: $ 8,564 | Special Assessments: $ 0 | Borrower (if applicable): N/A | ||||||||||||||||
Current Owner of Record: Optibase Real Estate Miami LLC | Occupant: | ☐ Owner | ☐ Tenant (Market Rent) | ☐ Tenant (Regulated Rent) | ☒ Vacant | ||||||||||||||
Project Type: | ☒ Condominium | ☐ Other (describe) | HOA: $ Unk. | ☐ per year | ☐ per month | ||||||||||||||
Market Area Name: | Marquis Condo | Map Reference: 33124 | Census Tract: 0037.02 | ||||||||||||||||
Project Name: | Marquis Condo. | Phase: | 1 | ||||||||||||||||
MARKET AREA DESCRIPTION | Location: | ☒ Urban | ☐ Suburban | ☐ Rural | Predominant | Condominium Housing | Present Land Use | Change in Land Use | ||||||
Built up: | ☒ Over 75% | ☐ 25-75% | ☐ Under 25% | Occupancy | PRICE | AGE | One-Unit | 70 % | ☒ Not Likely | |||||
Growth rate: | ☒ Rapid | ☐ Stable | ☐ Slow | ☒ Owner 80 | $(000) | (yrs) | 2-4 Unit | % | ☐ Likely * | ☐ In Process * | ||||
Property values: | ☒ Increasing | ☐ Stable | ☐ Declining | ☒ Tenant 20 | 380 | Low | 0 | Multi-Unit | 0 % | * To: | _____________________ | |||
Demand/supply: | ☐ Shortage | ☒ In Balance | ☐ Over Supply | ☐ Vacant (0-5%) | 1,725 | High | 85 | Comm’l | 25 % | |||||
Marketing time: | ☐ Under 3 Mos. | ☒ 3-6 Mos. | ☐ Over 6 Mos. | ☒ Vacant (>5%) | 585 | Pred | 35 | Other | 5 % | |||||
Market Area Boundaries, Description, and Market Conditions (including support for the above characteristics and trends): | I-395 TO THE NORTH,MIAMI RIVER TO | |||||||||||||
THE SOUTH ,BISCAYNE BLVD TO THE EAST, I-95 TO THE WEST. FINANCING IS READILY AVAILABLE FROM A VARIETY OF SOURCES AT COMPETITIVE | ||||||||||||||
RATES. SOME SELLER FINANCING WAS ALSO NOTED. | ||||||||||||||
Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited. | ||
Form GPCONDO - “TOTAL” appraisal software by a la mode, inc. - 1-800-ALAMODE | 6/2007 | |
Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited. | ||
Form GPCONDO - “TOTAL” appraisal software by a la mode, inc. - 1-800-ALAMODE | 6/2007 | |
INDIVIDUAL CONDO UNIT APPRAISAL REPORT |
AM34MAR21 File No.: AM34MAR21 |
SALES COMPARISON APPROACH | SALES COMPARISON APPROACH TO VALUE (if developed) ☐ The Sales Comparison Approach was not developed for this appraisal. | ||||||||||||||||||
FEATURE | SUBJECT | COMPARABLE SALE # 1 | COMPARABLE SALE # 2 | COMPARABLE SALE # 3 | |||||||||||||||
Address 1100 Biscayne Blvd , # 3708 MIAMI, FL 33132 |
1100 Biscayne Blvd # 5103
MIAMI, FL 33132 |
1100 Biscayne Blvd # 4003
MIAMI, FL 33132 |
1100 Biscayne Blvd # 4509
MIAMI, FL 33132 |
||||||||||||||||
Project Marquis Condo. Phase 1 |
Marquis
Condo.
1 |
Marquis
Condo.
1 |
Marquis Condo.
1 |
||||||||||||||||
Proximity to Subject | Less than 0.01 miles | Less than 0.01 miles | Less than 0.01 miles | ||||||||||||||||
Sale Price | $ | 0 | $ | 575,000 | $ | 575,000 | $ | 640,000 | |||||||||||
Sale Price/GLA | $ | 815.71 /sq.ft. | $ | 383.85 /sq.ft. | $ | 349.12 /sq.ft. | $ | 364.88 /sq.ft. | |||||||||||
Data Source(s) | FARES/TAX R. | TAX.REC./REALIST. | TAX.REC./REALIST. | TAX.REC./REALIST. | |||||||||||||||
Verification Source(s) | INSPECTION | mls#A10654163 | mls#A10825575 | mls#A10508754 | |||||||||||||||
VALUE ADJUSTMENTS | DESCRIPTION | DESCRIPTION | +(-) $ Adjust. | DESCRIPTION | +(-) $ Adjust. | DESCRIPTION | +(-) $ Adjust. | ||||||||||||
Sales or Financing Concessions |
0 0 |
0 0 |
0 0 |
0 0 |
|||||||||||||||
Date of Sale/Time | N/A | 12/02/2020 | 0 | 08/19/2020 | 0 | 01/07/2021 | 0 | ||||||||||||
Rights Appraised | Fee Simple | Fee Simple | Fee Simple | Fee Simple | |||||||||||||||
Location | N;Res | N;Res | N;Res | N;Res | |||||||||||||||
HOA Fees ($/Month) | Unk | Unk | Unk | Unk | |||||||||||||||
Common Elements and Recreational Facilities |
POOL C.AREAS |
POOL C.AREAS |
POOL C.AREAS |
POOL C.AREAS |
|||||||||||||||
Floor Location | 37 | 51 | -14,000 | 40 | -3,000 | 45 | -48,000 | ||||||||||||
View | B;Water,City. | B;Water,City. | B;Water,City. | B;Water,City. | |||||||||||||||
Design (Style) | High Rise | High Rise | High Rise | High Rise | |||||||||||||||
Quality of Construction | Q3 | Q3 | Q3 | Q3 | |||||||||||||||
Age | 12 | 12 | 12 | 12 | |||||||||||||||
Condition | C3 | C3 | C3 | C3 | |||||||||||||||
Above Grade
Room Count Gross Living Area |
Total | Bdrms | Baths | Total | Bdrms | Baths | Total | Bdrms | Baths | Total | Bdrms | Baths | |||||||
4 | 2 | 2.1 | 4 | 2 | 2.1 | 4 | 2 | 2.1 | 4 | 2 | 2.1 | ||||||||
1,647 sq.ft. | 1,498 sq.ft. | +12,000 | 1,647 sq.ft. | 1,754 sq.ft. | -9,000 | ||||||||||||||
Basement & Finished Rooms Below Grade | 0sf | 0sf | 0sf | 0sf | |||||||||||||||
Functional Utility | AVERAGE | AVERAGE | AVERAGE | AVERAGE | |||||||||||||||
Heating/Cooling | CENTRAL A/C | CENTRAL A/C | CENTRAL A/C | CENTRAL A/C | |||||||||||||||
Energy Efficient Items | STANDARD | STANDARD | STANDARD | STANDARD | |||||||||||||||
Parking | Covered | Covered | Covered | Covered | |||||||||||||||
Porch/Patio/Deck | Balcony | Balcony | Balcony | Balcony | |||||||||||||||
Net Adjustment (Total) | ☐ + ☒ - | $ | -2,000 | ☐ + ☒ - | $ | -3,000 | ☐ + ☒ - | $ | -57,000 | ||||||||||
Adjusted Sale Price of Comparables | $ | 573,000 | $ | 572,000 | $ | 583,000 | |||||||||||||
Summary of Sales Comparison Approach | ALL SALES ARE LOCATED WITHIN THE SUBJECT’S MARKET AREA.EQUAL WEIGHT IS GIVEN TO ALL COMPARABLES. | ||||||||||||||||||
SUBJECT’S PROPERTY COMPLEX HAS 6 ACTIVE LISTINGS BETWEEN $622,000. AND $775,000. 1 ACTIVE WITH CONTRACT FOR $599,000. 2 PENDING SALES BETWEEN $624,900 AND $629,000. | |||||||||||||||||||
Indicated Value by Sales Comparison Approach $ 590,000 | |||||||||||||||||||
Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited. |
||
Form GPCONDO - “TOTAL” appraisal software by a la mode, inc. - 1-800-ALAMODE | 6/2007 |
INDIVIDUAL CONDO UNIT APPRAISAL REPORT |
AM34MAR21 File No.: AM34MAR21 |
Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited. | ||
Form GPCONDO - “TOTAL” appraisal software by a la mode, inc. - 1-800-ALAMODE | 6/2007 |
Florida House Appraisals | ||
INDIVIDUAL CONDO UNIT APPRAISAL REPORT | File No.: |
AM33MAR21
AM33MAR21 |
SUBJECT | Property Address: 1100 Biscayne Blvd | Unit #: 3805 | City: MIAMI | State: FL | |||||||||||||||
Zip Code: 33132 | County: Miami Dade. | Legal Description: MARQUIS CONDO UNIT 3805 UNDIV | |||||||||||||||||
0.30572695% INT IN COMMON ELEMENTS. | Assessor’s Parcel #: 01-32-31-070-2140 | ||||||||||||||||||
Tax Year: 2020 | R.E. Taxes: $ 8,634 | Special Assessments: $ 0 | Borrower (if applicable): N/A | ||||||||||||||||
Current Owner of Record: Optibase Real Estate Miami LLC | Occupant: | ☐ Owner | ☐ Tenant (Market Rent) | ☐ Tenant (Regulated Rent) | ☒ Vacant | ||||||||||||||
Project Type: | ☒ Condominium | ☐ Other (describe) | HOA: $ Unk. | ☐ per year | ☐ per month | ||||||||||||||
Market Area Name: | Marquis Condo. | Map Reference: 33124 | Census Tract: 0037.02 | ||||||||||||||||
Project Name: | Marquis Condo. | Phase: | 1 | ||||||||||||||||
MARKET AREA DESCRIPTION | Location: | ☒ Urban | ☐ Suburban | ☐ Rural | Predominant | Condominium Housing | Present Land Use | Change in Land Use | ||||||
Built up: | ☒ Over 75% | ☐ 25-75% | ☐ Under 25% | Occupancy | PRICE | AGE | One-Unit | 70 % | ☒ Not Likely | |||||
Growth rate: | ☒ Rapid | ☐ Stable | ☐ Slow | ☒ Owner 80 | $(000) | (yrs) | 2-4 Unit | % | ☐ Likely * | ☐ In Process * | ||||
Property values: | ☒ Increasing | ☐ Stable | ☐ Declining | ☒ Tenant 20 | 380 | Low | 0 | Multi-Unit | 0 % | * To: | _____________________ | |||
Demand/supply: | ☐ Shortage | ☒ In Balance | ☐ Over Supply | ☐ Vacant (0-5%) | 1,725 | High | 85 | Comm’l | 25 % | |||||
Marketing time: | ☐ Under 3 Mos. | ☒ 3-6 Mos. | ☐ Over 6 Mos. | ☒ Vacant (>5%) | 585 | Pred | 35 | Other | 5 % | |||||
Market Area Boundaries, Description, and Market Conditions (including support for the above characteristics and trends): | I-395 TO THE NORTH,MIAMI RIVER TO | |||||||||||||
THE SOUTH ,BISCAYNE BLVD TO THE EAST, I-95 TO THE WEST. FINANCING IS READILY AVAILABLE FROM A VARIETY OF SOURCES AT COMPETITIVE | ||||||||||||||
RATES. SOME SELLER FINANCING WAS ALSO NOTED. | ||||||||||||||
Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited. | ||
Form GPCONDO - “TOTAL” appraisal software by a la mode, inc. - 1-800-ALAMODE | 6/2007 | |
Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited. | ||
Form GPCONDO - “TOTAL” appraisal software by a la mode, inc. - 1-800-ALAMODE | 6/2007 | |
INDIVIDUAL CONDO UNIT APPRAISAL REPORT |
AM33MAR21 File No.: AM33MAR21 |
Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited. | ||
Form GPCONDO - “TOTAL” appraisal software by a la mode, inc. - 1-800-ALAMODE | 6/2007 | |
INDIVIDUAL CONDO UNIT APPRAISAL REPORT |
AM33MAR21 File No.: AM33MAR21 |
Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited. | ||
Form GPCONDO - “TOTAL” appraisal software by a la mode, inc. - 1-800-ALAMODE | 6/2007 | |
Florida House Appraisals | ||
INDIVIDUAL CONDO UNIT APPRAISAL REPORT | File No.: |
AM32MAR21
AM32MAR21 |
SUBJECT | Property Address: 1100 Biscayne Blvd | Unit #: 4005 | City: MIAMI | State: FL | |||||||||||||||
Zip Code: 33132 | County: Miami Dade. | Legal Description: MARQUIS CONDO UNIT 4005 UNDIV | |||||||||||||||||
0.30572695% INT IN COMMON ELEMENTS. | Assessor’s Parcel #: 01-32-31-070-2200 | ||||||||||||||||||
Tax Year: 2020 | R.E. Taxes: $ 8,774 | Special Assessments: $ 0 | Borrower (if applicable): N/A | ||||||||||||||||
Current Owner of Record: Optibase Real Estate Miami LLC | Occupant: | ☐ Owner | ☐ Tenant (Market Rent) | ☐ Tenant (Regulated Rent) | ☒ Vacant | ||||||||||||||
Project Type: | ☒ Condominium | ☐ Other (describe) | HOA: $ Unk. | ☐ per year | ☐ per month | ||||||||||||||
Market Area Name: | Marquis Condo. | Map Reference: 33124 | Census Tract: 0037.02 | ||||||||||||||||
Project Name: | Marquis Condo. | Phase: | 1 | ||||||||||||||||
MARKET AREA DESCRIPTION | Location: | ☒ Urban | ☐ Suburban | ☐ Rural | Predominant | Condominium Housing | Present Land Use | Change in Land Use | ||||||
Built up: | ☒ Over 75% | ☐ 25-75% | ☐ Under 25% | Occupancy | PRICE | AGE | One-Unit | 70 % | ☒ Not Likely | |||||
Growth rate: | ☒ Rapid | ☐ Stable | ☐ Slow | ☒ Owner 80 | $(000) | (yrs) | 2-4 Unit | % | ☐ Likely * | ☐ In Process * | ||||
Property values: | ☒ Increasing | ☐ Stable | ☐ Declining | ☒ Tenant 20 | 380 | Low | 0 | Multi-Unit | 0 % | * To: | _____________________ | |||
Demand/supply: | ☐ Shortage | ☒ In Balance | ☐ Over Supply | ☐ Vacant (0-5%) | 1,725 | High | 85 | Comm’l | 25 % | |||||
Marketing time: | ☐ Under 3 Mos. | ☒ 3-6 Mos. | ☐ Over 6 Mos. | ☒ Vacant (>5%) | 585 | Pred | 35 | Other | 5 % | |||||
Market Area Boundaries, Description, and Market Conditions (including support for the above characteristics and trends): | I-395 TO THE NORTH,MIAMI RIVER TO | |||||||||||||
THE SOUTH ,BISCAYNE BLVD TO THE EAST, I-95 TO THE WEST. FINANCING IS READILY AVAILABLE FROM A VARIETY OF SOURCES AT COMPETITIVE | ||||||||||||||
RATES. SOME SELLER FINANCING WAS ALSO NOTED. | ||||||||||||||
Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited. | ||
Form GPCONDO - “TOTAL” appraisal software by a la mode, inc. - 1-800-ALAMODE | 6/2007 | |
Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited. | ||
Form GPCONDO - “TOTAL” appraisal software by a la mode, inc. - 1-800-ALAMODE | 6/2007 | |
INDIVIDUAL CONDO UNIT APPRAISAL REPORT |
AM32MAR21 File No.: AM32MAR21 |
Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited. | ||
Form GPCONDO - “TOTAL” appraisal software by a la mode, inc. - 1-800-ALAMODE | 6/2007 | |
INDIVIDUAL CONDO UNIT APPRAISAL REPORT |
AM32MAR21 File No.: AM32MAR21 |
Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited. | ||
Form GPCONDO - “TOTAL” appraisal software by a la mode, inc. - 1-800-ALAMODE | 6/2007 | |
Florida House Appraisals | ||
INDIVIDUAL CONDO UNIT APPRAISAL REPORT | File No.: |
AM31MAR21
AM31MAR21 |
SUBJECT | Property Address: 1100 Biscayne Blvd | Unit #: 4108 | City: MIAMI | State: FL | |||||||||||||||
Zip Code: 33132 | County: Miami Dade. | Legal Description: MARQUIS CONDO UNIT 4108 UNDIV | |||||||||||||||||
0.30572695% INT IN COMMON ELEMENTS. | Assessor’s Parcel #: 01-32-31-070-2970 | ||||||||||||||||||
Tax Year: 2020 | R.E. Taxes: $ 8,845 | Special Assessments: $ 0 | Borrower (if applicable): N/A | ||||||||||||||||
Current Owner of Record: Optibase Real Estate Miami LLC | Occupant: | ☐ Owner | ☐ Tenant (Market Rent) | ☐ Tenant (Regulated Rent) | ☒ Vacant | ||||||||||||||
Project Type: | ☒ Condominium | ☐ Other (describe) | HOA: $ Unk. | ☐ per year | ☐ per month | ||||||||||||||
Market Area Name: | Marquis Condo. | Map Reference: 33124 | Census Tract: 0037.02 | ||||||||||||||||
Project Name: | Marquis Condo. | Phase: | 1 | ||||||||||||||||
MARKET AREA DESCRIPTION | Location: | ☒ Urban | ☐ Suburban | ☐ Rural | Predominant | Condominium Housing | Present Land Use | Change in Land Use | ||||||
Built up: | ☒ Over 75% | ☐ 25-75% | ☐ Under 25% | Occupancy | PRICE | AGE | One-Unit | 70 % | ☒ Not Likely | |||||
Growth rate: | ☒ Rapid | ☐ Stable | ☐ Slow | ☒ Owner 80 | $(000) | (yrs) | 2-4 Unit | % | ☐ Likely * | ☐ In Process * | ||||
Property values: | ☒ Increasing | ☐ Stable | ☐ Declining | ☒ Tenant 20 | 380 | Low | 0 | Multi-Unit | 0 % | * To: | _____________________ | |||
Demand/supply: | ☐ Shortage | ☒ In Balance | ☐ Over Supply | ☐ Vacant (0-5%) | 1,725 | High | 85 | Comm’l | 25 % | |||||
Marketing time: | ☐ Under 3 Mos. | ☒ 3-6 Mos. | ☐ Over 6 Mos. | ☒ Vacant (>5%) | 585 | Pred | 35 | Other | 5 % | |||||
Market Area Boundaries, Description, and Market Conditions (including support for the above characteristics and trends): | I-395 TO THE NORTH,MIAMI RIVER TO | |||||||||||||
THE SOUTH ,BISCAYNE BLVD TO THE EAST, I-95 TO THE WEST. FINANCING IS READILY AVAILABLE FROM A VARIETY OF SOURCES AT COMPETITIVE | ||||||||||||||
RATES. SOME SELLER FINANCING WAS ALSO NOTED. | ||||||||||||||
Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited. | ||
Form GPCONDO - “TOTAL” appraisal software by a la mode, inc. - 1-800-ALAMODE | 6/2007 | |
Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited. | ||
Form GPCONDO - “TOTAL” appraisal software by a la mode, inc. - 1-800-ALAMODE | 6/2007 | |
INDIVIDUAL CONDO UNIT APPRAISAL REPORT |
AM31MAR21 File No.: AM31MAR21 |
Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited. | ||
Form GPCONDO - “TOTAL” appraisal software by a la mode, inc. - 1-800-ALAMODE | 6/2007 | |
INDIVIDUAL CONDO UNIT APPRAISAL REPORT |
AM31MAR21 File No.: AM31MAR21 |
Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited. | ||
Form GPCONDO - “TOTAL” appraisal software by a la mode, inc. - 1-800-ALAMODE | 6/2007 | |
Florida House Appraisals | ||
INDIVIDUAL CONDO UNIT APPRAISAL REPORT | File No.: |
AM39MAR21
AM39MAR21 |
SUBJECT | Property Address: 1100 Biscayne Blvd | Unit #: 4305 | City: MIAMI | State: FL | |||||||||||||||
Zip Code: 33132 | County: Miami Dade. | Legal Description: MARQUIS CONDO UNIT 4305 UNDIV | |||||||||||||||||
0.31092450% INT IN COMMON ELEMENTS. | Assessor’s Parcel #: 01-32-31-070-2190 | ||||||||||||||||||
Tax Year: 2020 | R.E. Taxes: $ 9,853 | Special Assessments: $ 0 | Borrower (if applicable): N/A | ||||||||||||||||
Current Owner of Record: Optibase Real Estate Miami LLC | Occupant: | ☐ Owner | ☐ Tenant (Market Rent) | ☐ Tenant (Regulated Rent) | ☒ Vacant | ||||||||||||||
Project Type: | ☒ Condominium | ☐ Other (describe) | HOA: $ Unk. | ☐ per year | ☐ per month | ||||||||||||||
Market Area Name: | Marquis Condo | Map Reference: 33124 | Census Tract: 0037.02 | ||||||||||||||||
Project Name: | Marquis Condo. | Phase: | 1 | ||||||||||||||||
MARKET AREA DESCRIPTION | Location: | ☒ Urban | ☐ Suburban | ☐ Rural | Predominant | Condominium Housing | Present Land Use | Change in Land Use | ||||||
Built up: | ☒ Over 75% | ☐ 25-75% | ☐ Under 25% | Occupancy | PRICE | AGE | One-Unit | 70 % | ☒ Not Likely | |||||
Growth rate: | ☒ Rapid | ☐ Stable | ☐ Slow | ☒ Owner 80 | $(000) | (yrs) | 2-4 Unit | % | ☐ Likely * | ☐ In Process * | ||||
Property values: | ☒ Increasing | ☐ Stable | ☐ Declining | ☒ Tenant 20 | 380 | Low | 0 | Multi-Unit | 0 % | * To: | _____________________ | |||
Demand/supply: | ☐ Shortage | ☒ In Balance | ☐ Over Supply | ☐ Vacant (0-5%) | 1,725 | High | 85 | Comm’l | 25 % | |||||
Marketing time: | ☐ Under 3 Mos. | ☒ 3-6 Mos. | ☐ Over 6 Mos. | ☒ Vacant (>5%) | 585 | Pred | 35 | Other | 5 % | |||||
Market Area Boundaries, Description, and Market Conditions (including support for the above characteristics and trends): | I-395 TO THE NORTH,MIAMI RIVER TO | |||||||||||||
THE SOUTH ,BISCAYNE BLVD TO THE EAST, I-95 TO THE WEST. FINANCING IS READILY AVAILABLE FROM A VARIETY OF SOURCES AT COMPETITIVE | ||||||||||||||
RATES. SOME SELLER FINANCING WAS ALSO NOTED. | ||||||||||||||
Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited. | ||
Form GPCONDO - “TOTAL” appraisal software by a la mode, inc. - 1-800-ALAMODE | 6/2007 | |
Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited. | ||
Form GPCONDO - “TOTAL” appraisal software by a la mode, inc. - 1-800-ALAMODE | 6/2007 | |
INDIVIDUAL CONDO UNIT APPRAISAL REPORT |
AM39MAR21 File No.: AM39MAR21 |
Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited. | ||
Form GPCONDO - “TOTAL” appraisal software by a la mode, inc. - 1-800-ALAMODE | 6/2007 | |
INDIVIDUAL CONDO UNIT APPRAISAL REPORT |
AM39MAR21 File No.: AM39MAR21 |
Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited. | ||
Form GPCONDO - “TOTAL” appraisal software by a la mode, inc. - 1-800-ALAMODE | 6/2007 | |
Florida House Appraisals | ||
INDIVIDUAL CONDO UNIT APPRAISAL REPORT | File No.: |
AM30MAR21
AM30MAR21 |
SUBJECT | Property Address: 1100 Biscayne Blvd | Unit #: 4308 | City: MIAMI | State: FL | |||||||||||||||
Zip Code: 33132 | County: Miami Dade. | Legal Description: MARQUIS CONDO UNIT 4308 UNDIV | |||||||||||||||||
0.30572695% INT IN COMMON ELEMENTS. | Assessor’s Parcel #: 01-32-31-070-2980 | ||||||||||||||||||
Tax Year: 2020 | R.E. Taxes: $ 8,935 | Special Assessments: $ 0 | Borrower (if applicable): N/A | ||||||||||||||||
Current Owner of Record: Optibase Real Estate Miami LLC | Occupant: | ☐ Owner | ☐ Tenant (Market Rent) | ☐ Tenant (Regulated Rent) | ☒ Vacant | ||||||||||||||
Project Type: | ☒ Condominium | ☐ Other (describe) | HOA: $ Unk. | ☐ per year | ☐ per month | ||||||||||||||
Market Area Name: | Marquis Condo. | Map Reference: 33124 | Census Tract: 0037.02 | ||||||||||||||||
Project Name: | Marquis Condo. | Phase: | 1 | ||||||||||||||||
MARKET AREA DESCRIPTION | Location: | ☒ Urban | ☐ Suburban | ☐ Rural | Predominant | Condominium Housing | Present Land Use | Change in Land Use | ||||||
Built up: | ☒ Over 75% | ☐ 25-75% | ☐ Under 25% | Occupancy | PRICE | AGE | One-Unit | 70 % | ☒ Not Likely | |||||
Growth rate: | ☒ Rapid | ☐ Stable | ☐ Slow | ☒ Owner 80 | $(000) | (yrs) | 2-4 Unit | % | ☐ Likely * | ☐ In Process * | ||||
Property values: | ☒ Increasing | ☐ Stable | ☐ Declining | ☒ Tenant 20 | 380 | Low | 0 | Multi-Unit | 0 % | * To: | _____________________ | |||
Demand/supply: | ☐ Shortage | ☒ In Balance | ☐ Over Supply | ☐ Vacant (0-5%) | 1,725 | High | 85 | Comm’l | 25 % | |||||
Marketing time: | ☐ Under 3 Mos. | ☒ 3-6 Mos. | ☐ Over 6 Mos. | ☒ Vacant (>5%) | 585 | Pred | 35 | Other | 5 % | |||||
Market Area Boundaries, Description, and Market Conditions (including support for the above characteristics and trends): | I-395 TO THE NORTH,MIAMI RIVER TO | |||||||||||||
THE SOUTH ,BISCAYNE BLVD TO THE EAST, I-95 TO THE WEST. FINANCING IS READILY AVAILABLE FROM A VARIETY OF SOURCES AT COMPETITIVE RATES. SOME | ||||||||||||||
SELLER FINANCING WAS ALSO NOTED. | ||||||||||||||
Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited. | ||
Form GPCONDO - “TOTAL” appraisal software by a la mode, inc. - 1-800-ALAMODE | 6/2007 | |
Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited. | ||
Form GPCONDO - “TOTAL” appraisal software by a la mode, inc. - 1-800-ALAMODE | 6/2007 | |
INDIVIDUAL CONDO UNIT APPRAISAL REPORT |
AM30MAR21 File No.: AM30MAR21 |
Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited. | ||
Form GPCONDO - “TOTAL” appraisal software by a la mode, inc. - 1-800-ALAMODE | 6/2007 | |
INDIVIDUAL CONDO UNIT APPRAISAL REPORT |
AM30MAR21 File No.: AM30MAR21 |
Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited. | ||
Form GPCONDO - “TOTAL” appraisal software by a la mode, inc. - 1-800-ALAMODE | 6/2007 | |
Florida House Appraisals | ||
INDIVIDUAL CONDO UNIT APPRAISAL REPORT | File No.: |
AM29MAR21
AM29MAR21 |
SUBJECT | Property Address: 1100 Biscayne Blvd | Unit #: 4405 | City: MIAMI | State: FL | |||||||||||||||
Zip Code: 33132 | County: Miami Dade. | Legal Description: MARQUIS CONDO UNIT 4405 UNDIV | |||||||||||||||||
0.30572695% INT IN COMMON ELEMENTS. | Assessor’s Parcel #: 01-32-31-070-2200 | ||||||||||||||||||
Tax Year: 2020 | R.E. Taxes: $ 9,125 | Special Assessments: $ 0 | Borrower (if applicable): N/A | ||||||||||||||||
Current Owner of Record: Optibase Real Estate Miami LLC | Occupant: | ☐ Owner | ☐ Tenant (Market Rent) | ☐ Tenant (Regulated Rent) | ☒ Vacant | ||||||||||||||
Project Type: | ☒ Condominium | ☐ Other (describe) | HOA: $ Unk. | ☐ per year | ☐ per month | ||||||||||||||
Market Area Name: | Marquis Condo. | Map Reference: 33124 | Census Tract: 0037.02 | ||||||||||||||||
Project Name: | Marquis Condo. | Phase: | 1 | ||||||||||||||||
PROJECT SITE DESCRIPTION | Zoning Classification: | 6401 | Description: | RESIDENTIAL-CONDOMINIUM | ||||||||||||||
Zoning Compliance: | ☒ Legal | ☐ Legal nonconforming (grandfathered) | ☐ Illegal | ☐ No zoning | ||||||||||||||
Ground Rent (if applicable) $_______/ _______ | Comments: | N/A | ||||||||||||||||
Highest & Best Use as improved (or as proposed per plans & specifications): | ☒ Present use, or | ☐ Other use (explain) | ||||||||||||||||
Actual Use as of Effective Date: | CONDOMINIUM RESIDENTIAL | Use as appraised in this report: | CONDOMINIUM RESIDENTIAL | |||||||||||||||
Summary of Highest & Best Use: | The improvements are substantially the highest and best use for the subject property,except for those items of depreciation described in the improvement section. | |||||||||||||||||
Utilities | Public | Other | Provider/Description | Off-site Improvements | Type | Public | Private | Density | AVERAGE /TYPICAL | |||||||||
Electricity | ☒ | ☐ | FPL | Street | ASPHALT | ☒ | ☐ | Size | TYPICAL OF THE AREA | |||||||||
Gas | ☐ | ☐ | NONE | Curb/Gutter | YES/YES | ☒ | ☐ | Topography | STREET GRADE, LEVEL | |||||||||
Water | ☒ | ☐ | Miami Dade | Sidewalk | YES | ☒ | ☐ | View | N;Res; | |||||||||
Sanitary Sewer | ☒ | ☐ | Miami Dade | Street Lights | YES | ☒ | ☐ | |||||||||||
Storm Sewer | ☒ | ☐ | Miami Dade | Alley | None | ☐ | ☐ | |||||||||||
Other site elements: | ☐ Inside Lot | ☐ Corner Lot | ☐ Cul de Sac | ☐ Underground Utilities | ☐ Other (describe) | |||||||||||||
FEMA Spec’l Flood Hazard Area | ☒ Yes ☐ No FEMA Flood Zone AE | FEMA Map # 12086C0312L | FEMA Map Date | 09/11/2009 | ||||||||||||||
Site Comments: | STANDARD EASEMENTS WERE NOTED. NO ADVERSE ENCROACHMENTS ARE APPARENT. THE SUBJECT’S USE IS LEGAL AND PERMISSIBLE. | |||||||||||||||||
Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited. | ||
Form GPCONDO - “TOTAL” appraisal software by a la mode, inc. - 1-800-ALAMODE | 6/2007 | |
Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited. | ||
Form GPCONDO - “TOTAL” appraisal software by a la mode, inc. - 1-800-ALAMODE | 6/2007 | |
INDIVIDUAL CONDO UNIT APPRAISAL REPORT |
AM29MAR21 File No.: AM29MAR21 |
Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited. | ||
Form GPCONDO - “TOTAL” appraisal software by a la mode, inc. - 1-800-ALAMODE | 6/2007 | |
INDIVIDUAL CONDO UNIT APPRAISAL REPORT |
AM29MAR21 File No.: AM29MAR21 |
Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited. | ||
Form GPCONDO - “TOTAL” appraisal software by a la mode, inc. - 1-800-ALAMODE | 6/2007 | |
Florida House Appraisals | ||
INDIVIDUAL CONDO UNIT APPRAISAL REPORT | File No.: |
AM28MAR21
AM28MAR21 |
SUBJECT | Property Address: 1100 Biscayne Blvd | Unit #: 4508 | City: MIAMI | State: FL | |||||||||||||||
Zip Code: 33132 | County: Miami Dade. | Legal Description: MARQUIS CONDO UNIT 4508 UNDIV | |||||||||||||||||
0.30572695% INT IN COMMON ELEMENTS. | Assessor’s Parcel #: 01-32-31-070-2220 | ||||||||||||||||||
Tax Year: 2020 | R.E. Taxes: $ 9,125 | Special Assessments: $ 0 | Borrower (if applicable): N/A | ||||||||||||||||
Current Owner of Record: Optibase Real Estate Miami LLC | Occupant: | ☐ Owner | ☐ Tenant (Market Rent) | ☐ Tenant (Regulated Rent) | ☒ Vacant | ||||||||||||||
Project Type: | ☒ Condominium | ☐ Other (describe) | HOA: $ Unk. | ☐ per year | ☐ per month | ||||||||||||||
Market Area Name: | Marquis Condo. | Map Reference: 33124 | Census Tract: 0037.02 | ||||||||||||||||
Project Name: | Marquis Condo. | Phase: | 1 | ||||||||||||||||
PROJECT SITE DESCRIPTION | Zoning Classification: | 6401 | Description: | RESIDENTIAL-CONDOMINIUM | ||||||||||||||
Zoning Compliance: | ☒ Legal | ☐ Legal nonconforming (grandfathered) | ☐ Illegal | ☐ No zoning | ||||||||||||||
Ground Rent (if applicable) $_______/ _______ | Comments: | N/A | ||||||||||||||||
Highest & Best Use as improved (or as proposed per plans & specifications): | ☒ Present use, or | ☐ Other use (explain) | ||||||||||||||||
Actual Use as of Effective Date: | CONDOMINIUM RESIDENTIAL | Use as appraised in this report: | CONDOMINIUM RESIDENTIAL | |||||||||||||||
Summary of Highest & Best Use: | The improvements are substantially the highest and best use for the subject property,except for those items of depreciation described in the improvement section. | |||||||||||||||||
Utilities | Public | Other | Provider/Description | Off-site Improvements | Type | Public | Private | Density | AVERAGE /TYPICAL | |||||||||
Electricity | ☒ | ☐ | FPL | Street | ASPHALT | ☒ | ☐ | Size | TYPICAL OF THE AREA | |||||||||
Gas | ☐ | ☐ | NONE | Curb/Gutter | YES/YES | ☒ | ☐ | Topography | STREET GRADE, LEVEL | |||||||||
Water | ☒ | ☐ | Miami Dade | Sidewalk | YES | ☒ | ☐ | View | N;Res; | |||||||||
Sanitary Sewer | ☒ | ☐ | Miami Dade | Street Lights | YES | ☒ | ☐ | |||||||||||
Storm Sewer | ☒ | ☐ | Miami Dade | Alley | None | ☐ | ☐ | |||||||||||
Other site elements: | ☐ Inside Lot | ☐ Corner Lot | ☐ Cul de Sac | ☐ Underground Utilities | ☐ Other (describe) | |||||||||||||
FEMA Spec’l Flood Hazard Area | ☒ Yes ☐ No FEMA Flood Zone AE | FEMA Map # 12086C0312L | FEMA Map Date | 09/11/2009 | ||||||||||||||
Site Comments: | STANDARD EASEMENTS WERE NOTED. NO ADVERSE ENCROACHMENTS ARE APPARENT. THE SUBJECT’S USE IS LEGAL AND | |||||||||||||||||
PERMISSIBLE. | ||||||||||||||||||
Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited. | ||
Form GPCONDO - “TOTAL” appraisal software by a la mode, inc. - 1-800-ALAMODE | 6/2007 | |
Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited. | ||
Form GPCONDO - “TOTAL” appraisal software by a la mode, inc. - 1-800-ALAMODE | 6/2007 | |
INDIVIDUAL CONDO UNIT APPRAISAL REPORT |
AM28MAR21 File No.: AM28MAR21 |
Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited. | ||
Form GPCONDO - “TOTAL” appraisal software by a la mode, inc. - 1-800-ALAMODE | 6/2007 | |
INDIVIDUAL CONDO UNIT APPRAISAL REPORT |
AM28MAR21 File No.: AM28MAR21 |
Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited. | ||
Form GPCONDO - “TOTAL” appraisal software by a la mode, inc. - 1-800-ALAMODE | 6/2007 | |
Florida House Appraisals | ||
INDIVIDUAL CONDO UNIT APPRAISAL REPORT | File No.: |
AM27MAR21
AM27MAR21 |
SUBJECT | Property Address: 1100 Biscayne Blvd | Unit #: 4605 | City: Miami | State: FL | |||||||||||||||
Zip Code: 33132 | County: Miami Dade. | Legal Description: MARQUIS CONDO UNIT 4605 UNDIV | |||||||||||||||||
0.30572695% INT IN COMMON ELEMENTS. | Assessor’s Parcel #: 01-32-31-070-2220 | ||||||||||||||||||
Tax Year: 2020 | R.E. Taxes: $ 8,353 | Special Assessments: $ 0 | Borrower (if applicable): N/A | ||||||||||||||||
Current Owner of Record: Optibase Real Estate Miami LLC | Occupant: | ☐ Owner | ☐ Tenant (Market Rent) | ☐ Tenant (Regulated Rent) | ☒ Vacant | ||||||||||||||
Project Type: | ☒ Condominium | ☐ Other (describe) | HOA: $ Unk. | ☐ per year | ☐ per month | ||||||||||||||
Market Area Name: | Marquis Condo. | Map Reference: 33124 | Census Tract: 0037.02 | ||||||||||||||||
Project Name: | Marquis Condo. | Phase: | 1 | ||||||||||||||||
MARKET AREA DESCRIPTION | Location: | ☒ Urban | ☐ Suburban | ☐ Rural | Predominant | Condominium Housing | Present Land Use | Change in Land Use | ||||||
Built up: | ☒ Over 75% | ☐ 25-75% | ☐ Under 25% | Occupancy | PRICE | AGE | One-Unit | 70 % | ☒ Not Likely | |||||
Growth rate: | ☒ Rapid | ☐ Stable | ☐ Slow | ☒ Owner 80 | $(000) | (yrs) | 2-4 Unit | % | ☐ Likely * | ☐ In Process * | ||||
Property values: | ☒ Increasing | ☐ Stable | ☐ Declining | ☒ Tenant 20 | 380 | Low | 0 | Multi-Unit | 0 % | * To: | _____________________ | |||
Demand/supply: | ☐ Shortage | ☒ In Balance | ☐ Over Supply | ☐ Vacant (0-5%) | 1,725 | High | 85 | Comm’l | 25 % | |||||
Marketing time: | ☐ Under 3 Mos. | ☒ 3-6 Mos. | ☐ Over 6 Mos. | ☒ Vacant (>5%) | 585 | Pred | 35 | Other | 5 % | |||||
Market Area Boundaries, Description, and Market Conditions (including support for the above characteristics and trends): | I-395 TO THE NORTH,MIAMI RIVER TO | |||||||||||||
THE SOUTH ,BISCAYNE BLVD TO THE EAST, I-95 TO THE WEST. FINANCING IS READILY AVAILABLE FROM A VARIETY OF SOURCES AT COMPETITIVE RATES. SOME SELLER FINANCING WAS ALSO NOTED. | ||||||||||||||
Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited. | ||
Form GPCONDO - “TOTAL” appraisal software by a la mode, inc. - 1-800-ALAMODE | 6/2007 | |
Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited. | ||
Form GPCONDO - “TOTAL” appraisal software by a la mode, inc. - 1-800-ALAMODE | 6/2007 | |
INDIVIDUAL CONDO UNIT APPRAISAL REPORT |
AM27MAR21 File No.: AM27MAR21 |
Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited. | ||
Form GPCONDO - “TOTAL” appraisal software by a la mode, inc. - 1-800-ALAMODE | 6/2007 | |
INDIVIDUAL CONDO UNIT APPRAISAL REPORT |
AM27MAR21 File No.: AM27MAR21 |
Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited. | ||
Form GPCONDO - “TOTAL” appraisal software by a la mode, inc. - 1-800-ALAMODE | 6/2007 | |
Florida House Appraisals | ||
INDIVIDUAL CONDO UNIT APPRAISAL REPORT | File No.: |
SUBJECT | Property Address: 1100 Biscayne Blvd | Unit #: 4705 | City: Miami | State: FL | |||||||||||||||
Zip Code: 33132 | County: Miami Dade. | Legal Description: MARQUIS CONDO UNIT 4705 UNDIV | |||||||||||||||||
0.31092450% INT IN COMMON ELEMENTS. | Assessor’s Parcel #: 01-32-31-070-2230 | ||||||||||||||||||
Tax Year: 2020 | R.E. Taxes: $ 10,161 | Special Assessments: $ 0 | Borrower (if applicable): N/A | ||||||||||||||||
Current Owner of Record: Optibase Real Estate Miami LLC | Occupant: | ☐ Owner | ☐ Tenant (Market Rent) | ☐ Tenant (Regulated Rent) | ☒ Vacant | ||||||||||||||
Project Type: | ☒ Condominium | ☐ Other (describe) | HOA: $ Unk. | ☐ per year | ☐ per month | ||||||||||||||
Market Area Name: | Marquis Condo. | Map Reference: 33124 | Census Tract: 0037.02 | ||||||||||||||||
Project Name: | Marquis Condo. | Phase: | 1 | ||||||||||||||||
MARKET AREA DESCRIPTION | Location: | ☒ Urban | ☐ Suburban | ☐ Rural | Predominant | Condominium Housing | Present Land Use | Change in Land Use | ||||||
Built up: | ☒ Over 75% | ☐ 25-75% | ☐ Under 25% | Occupancy | PRICE | AGE | One-Unit | 70 % | ☒ Not Likely | |||||
Growth rate: | ☒ Rapid | ☐ Stable | ☐ Slow | ☒ Owner 80 | $(000) | (yrs) | 2-4 Unit | % | ☐ Likely * | ☐ In Process * | ||||
Property values: | ☒ Increasing | ☐ Stable | ☐ Declining | ☒ Tenant 20 | 380 | Low | 0 | Multi-Unit | 0 % | * To: | _____________________ | |||
Demand/supply: | ☐ Shortage | ☒ In Balance | ☐ Over Supply | ☐ Vacant (0-5%) | 1,725 | High | 85 | Comm’l | 25 % | |||||
Marketing time: | ☐ Under 3 Mos. | ☒ 3-6 Mos. | ☐ Over 6 Mos. | ☒ Vacant (>5%) | 585 | Pred | 35 | Other | 5 % | |||||
Market Area Boundaries, Description, and Market Conditions (including support for the above characteristics and trends): | I-395 TO THE NORTH,MIAMI RIVER TO | |||||||||||||
THE SOUTH ,BISCAYNE BLVD TO THE EAST, I-95 TO THE WEST. FINANCING IS READILY AVAILABLE FROM A VARIETY OF SOURCES AT COMPETITIVE | ||||||||||||||
RATES. SOME SELLER FINANCING WAS ALSO NOTED. | ||||||||||||||
Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited. | ||
Form GPCONDO - “TOTAL” appraisal software by a la mode, inc. - 1-800-ALAMODE | 6/2007 | |
Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited. | ||
Form GPCONDO - “TOTAL” appraisal software by a la mode, inc. - 1-800-ALAMODE | 6/2007 | |
INDIVIDUAL CONDO UNIT APPRAISAL REPORT |
File No.: |
Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited. | ||
Form GPCONDO - “TOTAL” appraisal software by a la mode, inc. - 1-800-ALAMODE | 6/2007 | |
INDIVIDUAL CONDO UNIT APPRAISAL REPORT |
File No.: |
Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited. | ||
Form GPCONDO - “TOTAL” appraisal software by a la mode, inc. - 1-800-ALAMODE | 6/2007 | |
Florida House Appraisals | ||
INDIVIDUAL CONDO UNIT APPRAISAL REPORT | File No.: |
AM20MAR21
AM20MAR21 |
SUBJECT | Property Address: 1100 Biscayne Blvd | Unit #: 4805 | City: Miami | State: FL | |||||||||||||||
Zip Code: 33132 | County: Miami Dade. | Legal Description: MARQUIS CONDO UNIT 4805 UNDIV | |||||||||||||||||
0.30572695% INT IN COMMON ELEMENTS. | Assessor’s Parcel #: 01-32-31-070-2260 | ||||||||||||||||||
Tax Year: 2020 | R.E. Taxes: $ 9,336 | Special Assessments: $ 0 | Borrower (if applicable): N/A | ||||||||||||||||
Current Owner of Record: Optibase Real Estate Miami LLC | Occupant: | ☐ Owner | ☐ Tenant (Market Rent) | ☐ Tenant (Regulated Rent) | ☒ Vacant | ||||||||||||||
Project Type: | ☒ Condominium | ☐ Other (describe) | HOA: $ Unk. | ☐ per year | ☐ per month | ||||||||||||||
Market Area Name: | Marquis Condo. | Map Reference: 33124 | Census Tract: 0037.02 | ||||||||||||||||
Project Name: | Marquis Condo. | Phase: | 1 | ||||||||||||||||
MARKET AREA DESCRIPTION | Location: | ☒ Urban | ☐ Suburban | ☐ Rural | Predominant | Condominium Housing | Present Land Use | Change in Land Use | ||||||
Built up: | ☒ Over 75% | ☐ 25-75% | ☐ Under 25% | Occupancy | PRICE | AGE | One-Unit | 70 % | ☒ Not Likely | |||||
Growth rate: | ☒ Rapid | ☐ Stable | ☐ Slow | ☒ Owner 80 | $(000) | (yrs) | 2-4 Unit | % | ☐ Likely * | ☐ In Process * | ||||
Property values: | ☒ Increasing | ☐ Stable | ☐ Declining | ☒ Tenant 20 | 380 | Low | 0 | Multi-Unit | 0 % | * To: | _____________________ | |||
Demand/supply: | ☐ Shortage | ☒ In Balance | ☐ Over Supply | ☐ Vacant (0-5%) | 1,725 | High | 85 | Comm’l | 25 % | |||||
Marketing time: | ☐ Under 3 Mos. | ☒ 3-6 Mos. | ☐ Over 6 Mos. | ☒ Vacant (>5%) | 585 | Pred | 35 | Other | 5 % | |||||
Market Area Boundaries, Description, and Market Conditions (including support for the above characteristics and trends): | I-395 TO THE NORTH,MIAMI RIVER TO | |||||||||||||
THE SOUTH ,BISCAYNE BLVD TO THE EAST, I-95 TO THE WEST. FINANCING IS READILY AVAILABLE FROM A VARIETY OF SOURCES AT COMPETITIVE | ||||||||||||||
RATES. SOME SELLER FINANCING WAS ALSO NOTED. | ||||||||||||||
Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited. | ||
Form GPCONDO - “TOTAL” appraisal software by a la mode, inc. - 1-800-ALAMODE | 6/2007 | |
Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited. | ||
Form GPCONDO - “TOTAL” appraisal software by a la mode, inc. - 1-800-ALAMODE | 6/2007 | |
INDIVIDUAL CONDO UNIT APPRAISAL REPORT |
AM20MAR21 File No.: AM20MAR21 |
Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited. | ||
Form GPCONDO - “TOTAL” appraisal software by a la mode, inc. - 1-800-ALAMODE | 6/2007 | |
INDIVIDUAL CONDO UNIT APPRAISAL REPORT |
AM20MAR21 File No.: AM20MAR21 |
Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited. | ||
Form GPCONDO - “TOTAL” appraisal software by a la mode, inc. - 1-800-ALAMODE | 6/2007 | |
Florida House Appraisals | ||
INDIVIDUAL CONDO UNIT APPRAISAL REPORT | File No.: |
AM25MAR21
AM25MAR21 |
SUBJECT | Property Address: 1100 Biscayne Blvd | Unit #: 5005 | City: Miami | State: FL | |||||||||||||||
Zip Code: 33132 | County: Miami Dade. | Legal Description: MARQUIS CONDO UNIT 5005 UNDIV | |||||||||||||||||
0.30572695% INT IN COMMON ELEMENTS. | Assessor’s Parcel #: 01-32-31-070-2260 | ||||||||||||||||||
Tax Year: 2020 | R.E. Taxes: $ 9,476 | Special Assessments: $ 0 | Borrower (if applicable): N/A | ||||||||||||||||
Current Owner of Record: Optibase Real Estate Miami LLC | Occupant: | ☐ Owner | ☐ Tenant (Market Rent) | ☐ Tenant (Regulated Rent) | ☒ Vacant | ||||||||||||||
Project Type: | ☒ Condominium | ☐ Other (describe) | HOA: $ Unk. | ☐ per year | ☐ per month | ||||||||||||||
Market Area Name: | Marquis Condo. | Map Reference: 33124 | Census Tract: 0037.02 | ||||||||||||||||
Project Name: | Marquis Condo. | Phase: | 1 | ||||||||||||||||
MARKET AREA DESCRIPTION | Location: | ☒ Urban | ☐ Suburban | ☐ Rural | Predominant | Condominium Housing | Present Land Use | Change in Land Use | ||||||
Built up: | ☒ Over 75% | ☐ 25-75% | ☐ Under 25% | Occupancy | PRICE | AGE | One-Unit | 70 % | ☒ Not Likely | |||||
Growth rate: | ☒ Rapid | ☐ Stable | ☐ Slow | ☒ Owner 80 | $(000) | (yrs) | 2-4 Unit | % | ☐ Likely * | ☐ In Process * | ||||
Property values: | ☒ Increasing | ☐ Stable | ☐ Declining | ☒ Tenant 20 | 380 | Low | 0 | Multi-Unit | 0 % | * To: | _____________________ | |||
Demand/supply: | ☐ Shortage | ☒ In Balance | ☐ Over Supply | ☐ Vacant (0-5%) | 1,725 | High | 85 | Comm’l | 25 % | |||||
Marketing time: | ☐ Under 3 Mos. | ☒ 3-6 Mos. | ☐ Over 6 Mos. | ☒ Vacant (>5%) | 585 | Pred | 35 | Other | 5 % | |||||
Market Area Boundaries, Description, and Market Conditions (including support for the above characteristics and trends): | I-395 TO THE NORTH,MIAMI RIVER TO | |||||||||||||
THE SOUTH ,BISCAYNE BLVD TO THE EAST, I-95 TO THE WEST. FINANCING IS READILY AVAILABLE FROM A VARIETY OF SOURCES AT COMPETITIVE | ||||||||||||||
RATES. SOME SELLER FINANCING WAS ALSO NOTED. | ||||||||||||||
Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited. | ||
Form GPCONDO - “TOTAL” appraisal software by a la mode, inc. - 1-800-ALAMODE | 6/2007 | |
Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited. | ||
Form GPCONDO - “TOTAL” appraisal software by a la mode, inc. - 1-800-ALAMODE | 6/2007 | |
INDIVIDUAL CONDO UNIT APPRAISAL REPORT |
AM25MAR21 File No.: AM25MAR21 |
Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited. | ||
Form GPCONDO - “TOTAL” appraisal software by a la mode, inc. - 1-800-ALAMODE | 6/2007 | |
INDIVIDUAL CONDO UNIT APPRAISAL REPORT |
AM25MAR21 File No.: AM25MAR21 |
Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited. | ||
Form GPCONDO - “TOTAL” appraisal software by a la mode, inc. - 1-800-ALAMODE | 6/2007 | |
Florida House Appraisals | ||
INDIVIDUAL CONDO UNIT APPRAISAL REPORT | File No.: |
AM37MAR21
AM37MAR21 |
SUBJECT | Property Address: 1100 Biscayne Blvd | Unit #: 5105 | City: MIAMI | State: FL | |||||||||||||||
Zip Code: 33132 | County: Miami Dade. | Legal Description: MARQUIS CONDO UNIT 5105 UNDIV | |||||||||||||||||
0.31092449% INT IN COMMON ELEMENTS. | Assessor’s Parcel #: 01-32-31-070-2270 | ||||||||||||||||||
Tax Year: 2020 | R.E. Taxes: $ 10,469 | Special Assessments: $ 0 | Borrower (if applicable): N/A | ||||||||||||||||
Current Owner of Record: Optibase Real Estate Miami LLC | Occupant: | ☐ Owner | ☐ Tenant (Market Rent) | ☐ Tenant (Regulated Rent) | ☒ Vacant | ||||||||||||||
Project Type: | ☒ Condominium | ☐ Other (describe) | HOA: $ Unk. | ☐ per year | ☐ per month | ||||||||||||||
Market Area Name: | Marquis Condo. | Map Reference: 33124 | Census Tract: 0037.02 | ||||||||||||||||
Project Name: | Marquis Condo. | Phase: | 1 | ||||||||||||||||
MARKET AREA DESCRIPTION | Location: | ☒ Urban | ☐ Suburban | ☐ Rural | Predominant | Condominium Housing | Present Land Use | Change in Land Use | ||||||
Built up: | ☒ Over 75% | ☐ 25-75% | ☐ Under 25% | Occupancy | PRICE | AGE | One-Unit | 70 % | ☒ Not Likely | |||||
Growth rate: | ☒ Rapid | ☐ Stable | ☐ Slow | ☒ Owner 80 | $(000) | (yrs) | 2-4 Unit | % | ☐ Likely * | ☐ In Process * | ||||
Property values: | ☒ Increasing | ☐ Stable | ☐ Declining | ☒ Tenant 20 | 380 | Low | 0 | Multi-Unit | 0 % | * To: | _____________________ | |||
Demand/supply: | ☐ Shortage | ☒ In Balance | ☐ Over Supply | ☐ Vacant (0-5%) | 1,725 | High | 85 | Comm’l | 25 % | |||||
Marketing time: | ☐ Under 3 Mos. | ☒ 3-6 Mos. | ☐ Over 6 Mos. | ☒ Vacant (>5%) | 585 | Pred | 35 | Other | 5 % | |||||
Market Area Boundaries, Description, and Market Conditions (including support for the above characteristics and trends): | I-395 TO THE NORTH,MIAMI RIVER TO | |||||||||||||
THE SOUTH ,BISCAYNE BLVD TO THE EAST, I-95 TO THE WEST. FINANCING IS READILY AVAILABLE FROM A VARIETY OF SOURCES AT COMPETITIVE | ||||||||||||||
RATES. SOME SELLER FINANCING WAS ALSO NOTED. | ||||||||||||||
Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited. | ||
Form GPCONDO - “TOTAL” appraisal software by a la mode, inc. - 1-800-ALAMODE | 6/2007 | |
Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited. | ||
Form GPCONDO - “TOTAL” appraisal software by a la mode, inc. - 1-800-ALAMODE | 6/2007 | |
INDIVIDUAL CONDO UNIT APPRAISAL REPORT |
AM37MAR21 File No.: AM37MAR21 |
Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited. | ||
Form GPCONDO - “TOTAL” appraisal software by a la mode, inc. - 1-800-ALAMODE | 6/2007 | |
INDIVIDUAL CONDO UNIT APPRAISAL REPORT |
AM37MAR21 File No.: AM37MAR21 |
Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited. | ||
Form GPCONDO - “TOTAL” appraisal software by a la mode, inc. - 1-800-ALAMODE | 6/2007 | |
Florida House Appraisals | ||
INDIVIDUAL CONDO UNIT APPRAISAL REPORT | File No.: |
AM24MAR21
AM24MAR21 |
SUBJECT | Property Address: 1100 Biscayne Blvd | Unit #: 5107 | City: MIAMI | State: FL | |||||||||||||||
Zip Code: 33132 | County: Miami Dade. | Legal Description: MARQUIS CONDO UNIT 5107 UNDIV | |||||||||||||||||
0.30572695% INT IN COMMON ELEMENTS. | Assessor’s Parcel #: 01-32-31-070-2280 | ||||||||||||||||||
Tax Year: 2020 | R.E. Taxes: $ 9,547 | Special Assessments: $ 0 | Borrower (if applicable): N/A | ||||||||||||||||
Current Owner of Record: Optibase Real Estate Miami LLC | Occupant: | ☐ Owner | ☐ Tenant (Market Rent) | ☐ Tenant (Regulated Rent) | ☒ Vacant | ||||||||||||||
Project Type: | ☒ Condominium | ☐ Other (describe) | HOA: $ Unk. | ☐ per year | ☐ per month | ||||||||||||||
Market Area Name: | Marquis Condo. | Map Reference: 33124 | Census Tract: 0037.02 | ||||||||||||||||
Project Name: | Marquis Condo. | Phase: | 1 | ||||||||||||||||
MARKET AREA DESCRIPTION | Location: | ☒ Urban | ☐ Suburban | ☐ Rural | Predominant | Condominium Housing | Present Land Use | Change in Land Use | ||||||
Built up: | ☒ Over 75% | ☐ 25-75% | ☐ Under 25% | Occupancy | PRICE | AGE | One-Unit | 70 % | ☒ Not Likely | |||||
Growth rate: | ☒ Rapid | ☐ Stable | ☐ Slow | ☒ Owner 80 | $(000) | (yrs) | 2-4 Unit | % | ☐ Likely * | ☐ In Process * | ||||
Property values: | ☒ Increasing | ☐ Stable | ☐ Declining | ☒ Tenant 20 | 380 | Low | 0 | Multi-Unit | 0 % | * To: | _____________________ | |||
Demand/supply: | ☐ Shortage | ☒ In Balance | ☐ Over Supply | ☐ Vacant (0-5%) | 1,725 | High | 85 | Comm’l | 25 % | |||||
Marketing time: | ☐ Under 3 Mos. | ☒ 3-6 Mos. | ☐ Over 6 Mos. | ☒ Vacant (>5%) | 585 | Pred | 35 | Other | 5 % | |||||
Market Area Boundaries, Description, and Market Conditions (including support for the above characteristics and trends): | I-395 TO THE NORTH,MIAMI RIVER TO | |||||||||||||
THE SOUTH ,BISCAYNE BLVD TO THE EAST, I-95 TO THE WEST. FINANCING IS READILY AVAILABLE FROM A VARIETY OF SOURCES AT COMPETITIVE | ||||||||||||||
RATES. SOME SELLER FINANCING WAS ALSO NOTED. | ||||||||||||||
Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited. | ||
Form GPCONDO - “TOTAL” appraisal software by a la mode, inc. - 1-800-ALAMODE | 6/2007 | |
Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited. | ||
Form GPCONDO - “TOTAL” appraisal software by a la mode, inc. - 1-800-ALAMODE | 6/2007 | |
INDIVIDUAL CONDO UNIT APPRAISAL REPORT |
AM24MAR21 File No.: AM24MAR21 |
Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited. | ||
Form GPCONDO - “TOTAL” appraisal software by a la mode, inc. - 1-800-ALAMODE | 6/2007 | |
INDIVIDUAL CONDO UNIT APPRAISAL REPORT |
AM24MAR21 File No.: AM24MAR21 |
Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited. | ||
Form GPCONDO - “TOTAL” appraisal software by a la mode, inc. - 1-800-ALAMODE | 6/2007 | |
Florida House Appraisals | ||
INDIVIDUAL CONDO UNIT APPRAISAL REPORT | File No.: |
AM21MAR21
AM21MAR21 |
SUBJECT | Property Address: 1100 Biscayne Blvd | Unit #: 5205 | City: MIAMI | State: FL | |||||||||||||||
Zip Code: 33132 | County: Miami Dade. | Legal Description: MARQUIS CONDO UNIT 5205 UNDIV | |||||||||||||||||
0.30572695% INT IN COMMON ELEMENTS. | Assessor’s Parcel #: 01-32-31-070-2280 | ||||||||||||||||||
Tax Year: 2020 | R.E. Taxes: $ 9,617 | Special Assessments: $ 0 | Borrower (if applicable): N/A | ||||||||||||||||
Current Owner of Record: Optibase Real Estate Miami LLC | Occupant: | ☐ Owner | ☐ Tenant (Market Rent) | ☐ Tenant (Regulated Rent) | ☒ Vacant | ||||||||||||||
Project Type: | ☒ Condominium | ☐ Other (describe) | HOA: $ Unk. | ☐ per year | ☐ per month | ||||||||||||||
Market Area Name: | Marquis Condo. | Map Reference: Desktop | Census Tract: 0037.02 | ||||||||||||||||
Project Name: | Marquis Condo. | Phase: | 1 | ||||||||||||||||
MARKET AREA DESCRIPTION | Location: | ☒ Urban | ☐ Suburban | ☐ Rural | Predominant | Condominium Housing | Present Land Use | Change in Land Use | ||||||
Built up: | ☒ Over 75% | ☐ 25-75% | ☐ Under 25% | Occupancy | PRICE | AGE | One-Unit | 70 % | ☒ Not Likely | |||||
Growth rate: | ☒ Rapid | ☐ Stable | ☐ Slow | ☒ Owner 80 | $(000) | (yrs) | 2-4 Unit | % | ☐ Likely * | ☐ In Process * | ||||
Property values: | ☒ Increasing | ☐ Stable | ☐ Declining | ☒ Tenant 20 | 380 | Low | 0 | Multi-Unit | 0 % | * To: | _____________________ | |||
Demand/supply: | ☐ Shortage | ☒ In Balance | ☐ Over Supply | ☐ Vacant (0-5%) | 1,725 | High | 85 | Comm’l | 25 % | |||||
Marketing time: | ☐ Under 3 Mos. | ☒ 3-6 Mos. | ☐ Over 6 Mos. | ☒ Vacant (>5%) | 585 | Pred | 35 | Other | 5 % | |||||
Market Area Boundaries, Description, and Market Conditions (including support for the above characteristics and trends): | I-395 TO THE NORTH,MIAMI RIVER TO | |||||||||||||
THE SOUTH ,BISCAYNE BLVD TO THE EAST, I-95 TO THE WEST. FINANCING IS READILY AVAILABLE FROM A VARIETY OF SOURCES AT COMPETITIVE | ||||||||||||||
RATES. SOME SELLER FINANCING WAS ALSO NOTED. | ||||||||||||||
Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited. | ||
Form GPCONDO - “TOTAL” appraisal software by a la mode, inc. - 1-800-ALAMODE | 6/2007 | |
Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited. | ||
Form GPCONDO - “TOTAL” appraisal software by a la mode, inc. - 1-800-ALAMODE | 6/2007 | |
INDIVIDUAL CONDO UNIT APPRAISAL REPORT |
AM21MAR21 File No.: AM21MAR21 |
Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited. | ||
Form GPCONDO - “TOTAL” appraisal software by a la mode, inc. - 1-800-ALAMODE | 6/2007 | |
INDIVIDUAL CONDO UNIT APPRAISAL REPORT |
AM21MAR21 File No.: AM21MAR21 |
Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited. | ||
Form GPCONDO - “TOTAL” appraisal software by a la mode, inc. - 1-800-ALAMODE | 6/2007 | |
Florida House Appraisals | ||
INDIVIDUAL CONDO UNIT APPRAISAL REPORT | File No.: |
AM23MAR21
AM23MAR21 |
SUBJECT | Property Address: 1100 Biscayne Blvd | Unit #: 5307 | City: MIAMI | State: FL | |||||||||||||||
Zip Code: 33132 | County: Miami Dade. | Legal Description: MARQUIS CONDO UNIT 5307 UNDIV | |||||||||||||||||
0.30572695% INT IN COMMON ELEMENTS. | Assessor’s Parcel #: 01-32-31-070-2810 | ||||||||||||||||||
Tax Year: 2020 | R.E. Taxes: $ 9,687 | Special Assessments: $ 0 | Borrower (if applicable): N/A | ||||||||||||||||
Current Owner of Record: Optibase Real Estate Miami LLC | Occupant: | ☐ Owner | ☐ Tenant (Market Rent) | ☐ Tenant (Regulated Rent) | ☒ Vacant | ||||||||||||||
Project Type: | ☒ Condominium | ☐ Other (describe) | HOA: $ Unk. | ☐ per year | ☐ per month | ||||||||||||||
Market Area Name: | Marquis Condo. | Map Reference: 33124 | Census Tract: 0037.02 | ||||||||||||||||
Project Name: | Marquis Condo. | Phase: | 1 | ||||||||||||||||
MARKET AREA DESCRIPTION | Location: | ☒ Urban | ☐ Suburban | ☐ Rural | Predominant | Condominium Housing | Present Land Use | Change in Land Use | ||||||
Built up: | ☒ Over 75% | ☐ 25-75% | ☐ Under 25% | Occupancy | PRICE | AGE | One-Unit | 70 % | ☒ Not Likely | |||||
Growth rate: | ☒ Rapid | ☐ Stable | ☐ Slow | ☒ Owner 80 | $(000) | (yrs) | 2-4 Unit | % | ☐ Likely * | ☐ In Process * | ||||
Property values: | ☒ Increasing | ☐ Stable | ☐ Declining | ☒ Tenant 20 | 380 | Low | 0 | Multi-Unit | 0 % | * To: | _____________________ | |||
Demand/supply: | ☐ Shortage | ☒ In Balance | ☐ Over Supply | ☐ Vacant (0-5%) | 1,725 | High | 85 | Comm’l | 25 % | |||||
Marketing time: | ☐ Under 3 Mos. | ☒ 3-6 Mos. | ☐ Over 6 Mos. | ☒ Vacant (>5%) | 585 | Pred | 35 | Other | 5 % | |||||
Market Area Boundaries, Description, and Market Conditions (including support for the above characteristics and trends): | I-395 TO THE NORTH,MIAMI RIVER TO | |||||||||||||
THE SOUTH ,BISCAYNE BLVD TO THE EAST, I-95 TO THE WEST. FINANCING IS READILY AVAILABLE FROM A VARIETY OF SOURCES AT COMPETITIVE | ||||||||||||||
RATES. SOME SELLER FINANCING WAS ALSO NOTED. | ||||||||||||||
Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited. | ||
Form GPCONDO - “TOTAL” appraisal software by a la mode, inc. - 1-800-ALAMODE | 6/2007 | |
Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited. | ||
Form GPCONDO - “TOTAL” appraisal software by a la mode, inc. - 1-800-ALAMODE | 6/2007 | |
INDIVIDUAL CONDO UNIT APPRAISAL REPORT |
AM23MAR21 File No.: AM23MAR21 |
Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited. | ||
Form GPCONDO - “TOTAL” appraisal software by a la mode, inc. - 1-800-ALAMODE | 6/2007 | |
INDIVIDUAL CONDO UNIT APPRAISAL REPORT |
AM23MAR21 File No.: AM23MAR21 |
Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited. | ||
Form GPCONDO - “TOTAL” appraisal software by a la mode, inc. - 1-800-ALAMODE | 6/2007 | |
Florida House Appraisals | ||
INDIVIDUAL CONDO UNIT APPRAISAL REPORT | File No.: |
AM36MAR21
AM36MAR21 |
SUBJECT | Property Address: 1100 Biscayne Blvd | Unit #: 5505 | City: MIAMI | State: FL | |||||||||||||||
Zip Code: 33132 | County: Miami Dade. | Legal Description: MARQUIS CONDO UNIT 5505 UNDIV | |||||||||||||||||
0.30572695% INT IN COMMON ELEMENTS. | Assessor’s Parcel #: 01-32-31-070-2310 | ||||||||||||||||||
Tax Year: 2020 | R.E. Taxes: $ 10,776 | Special Assessments: $ 0 | Borrower (if applicable): N/A | ||||||||||||||||
Current Owner of Record: Optibase Real Estate Miami LLC | Occupant: | ☐ Owner | ☐ Tenant (Market Rent) | ☐ Tenant (Regulated Rent) | ☒ Vacant | ||||||||||||||
Project Type: | ☒ Condominium | ☐ Other (describe) | HOA: $ Unk. | ☐ per year | ☐ per month | ||||||||||||||
Market Area Name: | Marquis Condo | Map Reference: 33124 | Census Tract: 0037.02 | ||||||||||||||||
Project Name: | Marquis Condo. | Phase: | 1 | ||||||||||||||||
MARKET AREA DESCRIPTION | Location: | ☒ Urban | ☐ Suburban | ☐ Rural | Predominant | Condominium Housing | Present Land Use | Change in Land Use | ||||||
Built up: | ☒ Over 75% | ☐ 25-75% | ☐ Under 25% | Occupancy | PRICE | AGE | One-Unit | 70 % | ☒ Not Likely | |||||
Growth rate: | ☒ Rapid | ☐ Stable | ☐ Slow | ☒ Owner 80 | $(000) | (yrs) | 2-4 Unit | % | ☐ Likely * | ☐ In Process * | ||||
Property values: | ☒ Increasing | ☐ Stable | ☐ Declining | ☒ Tenant 20 | 380 | Low | 0 | Multi-Unit | 0 % | * To: | _____________________ | |||
Demand/supply: | ☐ Shortage | ☒ In Balance | ☐ Over Supply | ☐ Vacant (0-5%) | 1,725 | High | 85 | Comm’l | 25 % | |||||
Marketing time: | ☐ Under 3 Mos. | ☒ 3-6 Mos. | ☐ Over 6 Mos. | ☒ Vacant (>5%) | 585 | Pred | 35 | Other | 5 % | |||||
Market Area Boundaries, Description, and Market Conditions (including support for the above characteristics and trends): | I-395 TO THE NORTH,MIAMI RIVER TO | |||||||||||||
THE SOUTH ,BISCAYNE BLVD TO THE EAST, I-95 TO THE WEST. FINANCING IS READILY AVAILABLE FROM A VARIETY OF SOURCES AT COMPETITIVE | ||||||||||||||
RATES. SOME SELLER FINANCING WAS ALSO NOTED. | ||||||||||||||
Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited. | ||
Form GPCONDO - “TOTAL” appraisal software by a la mode, inc. - 1-800-ALAMODE | 6/2007 | |
Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited. | ||
Form GPCONDO - “TOTAL” appraisal software by a la mode, inc. - 1-800-ALAMODE | 6/2007 | |
INDIVIDUAL CONDO UNIT APPRAISAL REPORT |
AM36MAR21 File No.: AM36MAR21 |
Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited. | ||
Form GPCONDO - “TOTAL” appraisal software by a la mode, inc. - 1-800-ALAMODE | 6/2007 | |
INDIVIDUAL CONDO UNIT APPRAISAL REPORT |
AM36MAR21 File No.: AM36MAR21 |
Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited. | ||
Form GPCONDO - “TOTAL” appraisal software by a la mode, inc. - 1-800-ALAMODE | 6/2007 | |
Florida House Appraisals | ||
INDIVIDUAL CONDO UNIT APPRAISAL REPORT | File No.: |
AM35MAR21
AM35MAR21 |
SUBJECT | Property Address: 1100 Biscayne Blvd | Unit #: 5705 | City: MIAMI | State: FL | |||||||||||||||
Zip Code: 33132 | County: Miami Dade. | Legal Description: MARQUIS CONDO UNIT 5705 UNDIV | |||||||||||||||||
0.31092450% INT IN COMMON ELEMENTS. | Assessor’s Parcel #: 01-32-31-070-2330 | ||||||||||||||||||
Tax Year: 2020 | R.E. Taxes: $ 10,930 | Special Assessments: $ 0 | Borrower (if applicable): N/A | ||||||||||||||||
Current Owner of Record: Optibase Real Estate Miami LLC | Occupant: | ☐ Owner | ☐ Tenant (Market Rent) | ☐ Tenant (Regulated Rent) | ☒ Vacant | ||||||||||||||
Project Type: | ☒ Condominium | ☐ Other (describe) | HOA: $ Unk. | ☐ per year | ☐ per month | ||||||||||||||
Market Area Name: | Marquis Condo | Map Reference: 33124 | Census Tract: 0037.02 | ||||||||||||||||
Project Name: | Marquis Condo. | Phase: | 1 | ||||||||||||||||
MARKET AREA DESCRIPTION | Location: | ☒ Urban | ☐ Suburban | ☐ Rural | Predominant | Condominium Housing | Present Land Use | Change in Land Use | ||||||
Built up: | ☒ Over 75% | ☐ 25-75% | ☐ Under 25% | Occupancy | PRICE | AGE | One-Unit | 70 % | ☒ Not Likely | |||||
Growth rate: | ☒ Rapid | ☐ Stable | ☐ Slow | ☒ Owner 80 | $(000) | (yrs) | 2-4 Unit | % | ☐ Likely * | ☐ In Process * | ||||
Property values: | ☒ Increasing | ☐ Stable | ☐ Declining | ☒ Tenant 20 | 380 | Low | 0 | Multi-Unit | 0 % | * To: | _____________________ | |||
Demand/supply: | ☐ Shortage | ☒ In Balance | ☐ Over Supply | ☐ Vacant (0-5%) | 1,725 | High | 85 | Comm’l | 25 % | |||||
Marketing time: | ☐ Under 3 Mos. | ☒ 3-6 Mos. | ☐ Over 6 Mos. | ☒ Vacant (>5%) | 585 | Pred | 35 | Other | 5 % | |||||
Market Area Boundaries, Description, and Market Conditions (including support for the above characteristics and trends): | I-395 TO THE NORTH,MIAMI RIVER TO | |||||||||||||
THE SOUTH ,BISCAYNE BLVD TO THE EAST, I-95 TO THE WEST. FINANCING IS READILY AVAILABLE FROM A VARIETY OF | ||||||||||||||
SOURCES AT COMPETITIVE RATES. SOME SELLER FINANCING WAS ALSO NOTED. | ||||||||||||||
Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited. | ||
Form GPCONDO - “TOTAL” appraisal software by a la mode, inc. - 1-800-ALAMODE | 6/2007 | |
Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited. | ||
Form GPCONDO - “TOTAL” appraisal software by a la mode, inc. - 1-800-ALAMODE | 6/2007 | |
INDIVIDUAL CONDO UNIT APPRAISAL REPORT |
AM35MAR21 File No.: AM35MAR21 |
Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited. | ||
Form GPCONDO - “TOTAL” appraisal software by a la mode, inc. - 1-800-ALAMODE | 6/2007 | |
INDIVIDUAL CONDO UNIT APPRAISAL REPORT |
AM35MAR21 File No.: AM35MAR21 |
Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited. | ||
Form GPCONDO - “TOTAL” appraisal software by a la mode, inc. - 1-800-ALAMODE | 6/2007 | |
Florida House Appraisals | ||
INDIVIDUAL CONDO UNIT APPRAISAL REPORT | File No.: |
AM35MAR21
AM35MAR21 |
SUBJECT | Property Address: 1100 Biscayne Blvd | Unit #: 5905 | City: MIAMI | State: FL | |||||||||||||||
Zip Code: 33132 | County: Miami Dade. | Legal Description: MARQUIS CONDO UNIT 5905 UNDIV | |||||||||||||||||
0.30572695% INT IN COMMON ELEMENTS. | Assessor’s Parcel #: 01-32-31-070-2350 | ||||||||||||||||||
Tax Year: 2020 | R.E. Taxes: $ 11,084 | Special Assessments: $ 0 | Borrower (if applicable): N/A | ||||||||||||||||
Current Owner of Record: Optibase Real Estate Miami LLC | Occupant: | ☐ Owner | ☐ Tenant (Market Rent) | ☐ Tenant (Regulated Rent) | ☒ Vacant | ||||||||||||||
Project Type: | ☒ Condominium | ☐ Other (describe) | HOA: $ Unk. | ☐ per year | ☐ per month | ||||||||||||||
Market Area Name: | Marquis Condo | Map Reference: 33124 | Census Tract: 0037.02 | ||||||||||||||||
Project Name: | Marquis Condo. | Phase: | 1 | ||||||||||||||||
MARKET AREA DESCRIPTION | Location: | ☒ Urban | ☐ Suburban | ☐ Rural | Predominant | Condominium Housing | Present Land Use | Change in Land Use | ||||||
Built up: | ☒ Over 75% | ☐ 25-75% | ☐ Under 25% | Occupancy | PRICE | AGE | One-Unit | 70 % | ☒ Not Likely | |||||
Growth rate: | ☒ Rapid | ☐ Stable | ☐ Slow | ☒ Owner 80 | $(000) | (yrs) | 2-4 Unit | % | ☐ Likely * | ☐ In Process * | ||||
Property values: | ☒ Increasing | ☐ Stable | ☐ Declining | ☒ Tenant 20 | 380 | Low | 0 | Multi-Unit | 0 % | * To: | _____________________ | |||
Demand/supply: | ☐ Shortage | ☒ In Balance | ☐ Over Supply | ☐ Vacant (0-5%) | 1,725 | High | 85 | Comm’l | 25 % | |||||
Marketing time: | ☐ Under 3 Mos. | ☒ 3-6 Mos. | ☐ Over 6 Mos. | ☒ Vacant (>5%) | 585 | Pred | 35 | Other | 5 % | |||||
Market Area Boundaries, Description, and Market Conditions (including support for the above characteristics and trends): | I-395 TO THE NORTH,MIAMI RIVER TO | |||||||||||||
THE SOUTH ,BISCAYNE BLVD TO THE EAST, I-95 TO THE WEST. FINANCING IS READILY AVAILABLE FROM A VARIETY OF SOURCES AT COMPETITIVE | ||||||||||||||
RATES. SOME SELLER FINANCING WAS ALSO NOTED. | ||||||||||||||
Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited. | ||
Form GPCONDO - “TOTAL” appraisal software by a la mode, inc. - 1-800-ALAMODE | 6/2007 | |
Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited. | ||
Form GPCONDO - “TOTAL” appraisal software by a la mode, inc. - 1-800-ALAMODE | 6/2007 | |
INDIVIDUAL CONDO UNIT APPRAISAL REPORT |
AM35MAR21 File No.: AM35MAR21 |
Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited. | ||
Form GPCONDO - “TOTAL” appraisal software by a la mode, inc. - 1-800-ALAMODE | 6/2007 | |
INDIVIDUAL CONDO UNIT APPRAISAL REPORT |
AM35MAR21 File No.: AM35MAR21 |
Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited. | ||
Form GPCONDO - “TOTAL” appraisal software by a la mode, inc. - 1-800-ALAMODE | 6/2007 | |
Florida House Appraisals | ||
INDIVIDUAL CONDO UNIT APPRAISAL REPORT | File No.: |
AM26MAR21
AM26MAR21 |
SUBJECT | Property Address: 1100 Biscayne Blvd | Unit #: 5907 | City: MIAMI | State: FL | |||||||||||||||
Zip Code: 33132 | County: Miami Dade. | Legal Description: MARQUIS CONDO UNIT 5907 UNDIV | |||||||||||||||||
0.30572695% INT IN COMMON ELEMENTS. | Assessor’s Parcel #: 01-32-31-070-2840 | ||||||||||||||||||
Tax Year: 2020 | R.E. Taxes: $ 10,108 | Special Assessments: $ 0 | Borrower (if applicable): N/A | ||||||||||||||||
Current Owner of Record: Optibase Real Estate Miami LLC | Occupant: | ☐ Owner | ☐ Tenant (Market Rent) | ☐ Tenant (Regulated Rent) | ☒ Vacant | ||||||||||||||
Project Type: | ☒ Condominium | ☐ Other (describe) | HOA: $ Unk. | ☐ per year | ☐ per month | ||||||||||||||
Market Area Name: | Marquis Condo | Map Reference: 33124 | Census Tract: 0037.02 | ||||||||||||||||
Project Name: | Marquis Condo. | Phase: | 1 | ||||||||||||||||
MARKET AREA DESCRIPTION | Location: | ☒ Urban | ☐ Suburban | ☐ Rural | Predominant | Condominium Housing | Present Land Use | Change in Land Use | ||||||
Built up: | ☒ Over 75% | ☐ 25-75% | ☐ Under 25% | Occupancy | PRICE | AGE | One-Unit | 70 % | ☒ Not Likely | |||||
Growth rate: | ☒ Rapid | ☐ Stable | ☐ Slow | ☒ Owner 80 | $(000) | (yrs) | 2-4 Unit | % | ☐ Likely * | ☐ In Process * | ||||
Property values: | ☒ Increasing | ☐ Stable | ☐ Declining | ☒ Tenant 20 | 380 | Low | 0 | Multi-Unit | 0 % | * To: | _____________________ | |||
Demand/supply: | ☐ Shortage | ☒ In Balance | ☐ Over Supply | ☐ Vacant (0-5%) | 1,725 | High | 85 | Comm’l | 25 % | |||||
Marketing time: | ☐ Under 3 Mos. | ☒ 3-6 Mos. | ☐ Over 6 Mos. | ☒ Vacant (>5%) | 585 | Pred | 35 | Other | 5 % | |||||
Market Area Boundaries, Description, and Market Conditions (including support for the above characteristics and trends): | I-395 TO THE NORTH,MIAMI RIVER TO | |||||||||||||
THE SOUTH ,BISCAYNE BLVD TO THE EAST, I-95 TO THE WEST. FINANCING IS READILY AVAILABLE FROM A VARIETY OF | ||||||||||||||
SOURCES AT COMPETITIVE RATES. SOME SELLER FINANCING WAS ALSO NOTED. | ||||||||||||||
Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited. | ||
Form GPCONDO - “TOTAL” appraisal software by a la mode, inc. - 1-800-ALAMODE | 6/2007 | |
Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited. | ||
Form GPCONDO - “TOTAL” appraisal software by a la mode, inc. - 1-800-ALAMODE | 6/2007 | |
INDIVIDUAL CONDO UNIT APPRAISAL REPORT |
AM26MAR21 File No.: AM26MAR21 |
Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited. | ||
Form GPCONDO - “TOTAL” appraisal software by a la mode, inc. - 1-800-ALAMODE | 6/2007 | |
INDIVIDUAL CONDO UNIT APPRAISAL REPORT |
AM26MAR21 File No.: AM26MAR21 |
Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited. | ||
Form GPCONDO - “TOTAL” appraisal software by a la mode, inc. - 1-800-ALAMODE | 6/2007 | |
Florida House Appraisals | ||
INDIVIDUAL CONDO UNIT APPRAISAL REPORT | File No.: |
AM40MAY21
AM40MAY21 |
SUBJECT | Property Address: 1100 Biscayne Blvd | Unit #: 6303 | City: MIAMI | State: FL | |||||||||||||||
Zip Code: 33132 | County: Miami Dade. | Legal Description: MARQUIS CONDO UNIT 6303 UNDIV | |||||||||||||||||
0.53627514% INT IN COMMON ELEMENTS. | Assessor’s Parcel #: 01-32-31-070-1480 | ||||||||||||||||||
Tax Year: 2020 | R.E. Taxes: $ 23,271 | Special Assessments: $ 0 | Borrower (if applicable): N/A | ||||||||||||||||
Current Owner of Record: Optibase Real Estate Miami LLC | Occupant: | ☐ Owner | ☐ Tenant (Market Rent) | ☐ Tenant (Regulated Rent) | ☒ Vacant | ||||||||||||||
Project Type: | ☒ Condominium | ☐ Other (describe) | HOA: $ Unk. | ☐ per year | ☐ per month | ||||||||||||||
Market Area Name: | Marquis Condo | Map Reference: 33124 | Census Tract: 0037.02 | ||||||||||||||||
Project Name: | Marquis Condo. | Phase: | 1 | ||||||||||||||||
MARKET AREA DESCRIPTION | Location: | ☒ Urban | ☐ Suburban | ☐ Rural | Predominant | Condominium Housing | Present Land Use | Change in Land Use | ||||||
Built up: | ☒ Over 75% | ☐ 25-75% | ☐ Under 25% | Occupancy | PRICE | AGE | One-Unit | 70 % | ☒ Not Likely | |||||
Growth rate: | ☒ Rapid | ☐ Stable | ☐ Slow | ☒ Owner 80 | $(000) | (yrs) | 2-4 Unit | % | ☐ Likely * | ☐ In Process * | ||||
Property values: | ☒ Increasing | ☐ Stable | ☐ Declining | ☒ Tenant 20 | 675 | Low | 0 | Multi-Unit | 0 % | * To: | _____________________ | |||
Demand/supply: | ☐ Shortage | ☒ In Balance | ☐ Over Supply | ☐ Vacant (0-5%) | 3,349 | High | 85 | Comm’l | 25 % | |||||
Marketing time: | ☐ Under 3 Mos. | ☒ 3-6 Mos. | ☐ Over 6 Mos. | ☒ Vacant (>5%) | 675 | Pred | 35 | Other | 5 % | |||||
Market Area Boundaries, Description, and Market Conditions (including support for the above characteristics and trends): | I-395 TO THE NORTH,MIAMI RIVER TO | |||||||||||||
THE SOUTH ,BISCAYNE BLVD TO THE EAST, I-95 TO THE WEST. FINANCING IS READILY AVAILABLE FROM A VARIETY OF SOURCES AT COMPETITIVE | ||||||||||||||
RATES. SOME SELLER FINANCING WAS ALSO NOTED. | ||||||||||||||
Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited. | ||
Form GPCONDO - “TOTAL” appraisal software by a la mode, inc. - 1-800-ALAMODE | 6/2007 | |
Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited. | ||
Form GPCONDO - “TOTAL” appraisal software by a la mode, inc. - 1-800-ALAMODE | 6/2007 | |
INDIVIDUAL CONDO UNIT APPRAISAL REPORT |
AM40MAY21 File No.: AM40MAY21 |
Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited. | ||
Form GPCONDO - “TOTAL” appraisal software by a la mode, inc. - 1-800-ALAMODE | 6/2007 | |
INDIVIDUAL CONDO UNIT APPRAISAL REPORT |
AM40MAY21 File No.: AM40MAY21 |
Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited. | ||
Form GPCONDO - “TOTAL” appraisal software by a la mode, inc. - 1-800-ALAMODE | 6/2007 | |
Florida House Appraisals | ||
INDIVIDUAL CONDO UNIT APPRAISAL REPORT | File No.: |
AM41MAR21
AM41MAR21 |
SUBJECT | Property Address: 1100 Biscayne Blvd | Unit #: 6304 | City: MIAMI | State: FL | |||||||||||||||
Zip Code: 33132 | County: Miami Dade. | Legal Description: MARQUIS CONDO UNIT 6304 UNDIV | |||||||||||||||||
0.51474246% INT IN COMMON ELEMENTS. | Assessor’s Parcel #: 01-32-31-070-1930 | ||||||||||||||||||
Tax Year: 2020 | R.E. Taxes: $ 24,158 | Special Assessments: $ 0 | Borrower (if applicable): N/A | ||||||||||||||||
Current Owner of Record: Optibase Real Estate Miami LLC | Occupant: | ☐ Owner | ☐ Tenant (Market Rent) | ☐ Tenant (Regulated Rent) | ☒ Vacant | ||||||||||||||
Project Type: | ☒ Condominium | ☐ Other (describe) | HOA: $ Unk. | ☐ per year | ☐ per month | ||||||||||||||
Market Area Name: | Marquis Condo. | Map Reference: 33124 | Census Tract: 0037.02 | ||||||||||||||||
Project Name: | Marquis Condo. | Phase: | 1 | ||||||||||||||||
MARKET AREA DESCRIPTION | Location: | ☒ Urban | ☐ Suburban | ☐ Rural | Predominant | Condominium Housing | Present Land Use | Change in Land Use | ||||||
Built up: | ☒ Over 75% | ☐ 25-75% | ☐ Under 25% | Occupancy | PRICE | AGE | One-Unit | 70 % | ☒ Not Likely | |||||
Growth rate: | ☒ Rapid | ☐ Stable | ☐ Slow | ☒ Owner 80 | $(000) | (yrs) | 2-4 Unit | % | ☐ Likely * | ☐ In Process * | ||||
Property values: | ☒ Increasing | ☐ Stable | ☐ Declining | ☒ Tenant 20 | 675 | Low | 0 | Multi-Unit | 0 % | * To: | _____________________ | |||
Demand/supply: | ☐ Shortage | ☒ In Balance | ☐ Over Supply | ☐ Vacant (0-5%) | 3,349 | High | 85 | Comm’l | 25 % | |||||
Marketing time: | ☐ Under 3 Mos. | ☒ 3-6 Mos. | ☐ Over 6 Mos. | ☒ Vacant (>5%) | 675 | Pred | 35 | Other | 5 % | |||||
Market Area Boundaries, Description, and Market Conditions (including support for the above characteristics and trends): | I-395 TO THE NORTH,MIAMI RIVER TO | |||||||||||||
THE SOUTH ,BISCAYNE BLVD TO THE EAST, I-95 TO THE WEST. FINANCING IS READILY AVAILABLE FROM A VARIETY OF | ||||||||||||||
SOURCES AT COMPETITIVE RATES. SOME SELLER FINANCING WAS ALSO NOTED. | ||||||||||||||
Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited. | ||
Form GPCONDO - “TOTAL” appraisal software by a la mode, inc. - 1-800-ALAMODE | 6/2007 | |
Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited. | ||
Form GPCONDO - “TOTAL” appraisal software by a la mode, inc. - 1-800-ALAMODE | 6/2007 | |
INDIVIDUAL CONDO UNIT APPRAISAL REPORT |
AM41MAR21 File No.: AM41MAR21 |
Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited. | ||
Form GPCONDO - “TOTAL” appraisal software by a la mode, inc. - 1-800-ALAMODE | 6/2007 | |
INDIVIDUAL CONDO UNIT APPRAISAL REPORT |
AM41MAR21 File No.: AM41MAR21 |
Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited. | ||
Form GPCONDO - “TOTAL” appraisal software by a la mode, inc. - 1-800-ALAMODE | 6/2007 | |
Florida House Appraisals | ||
INDIVIDUAL CONDO UNIT APPRAISAL REPORT | File No.: |
AM19MAR21
AM19MAR21 |
SUBJECT | Property Address: 50 S POINTE DR | Unit #: 3302 | City: MIAMI BEACH | State: FL | |||||||||||||||
Zip Code: 33139 | County: MIAMI DADE | Legal Description: CONTINUUM ON SOUTH BEACH CONDO THE | |||||||||||||||||
NORTH TOWER UNIT 3302 UNDIV 0.7658428% INT IN COMMON E. | Assessor’s Parcel #: 02-42-03-340-0730 | ||||||||||||||||||
Tax Year: 2020 | R.E. Taxes: $ 111,806 | Special Assessments: $ 0 | Borrower (if applicable): N/A | ||||||||||||||||
Current Owner of Record: Optibase Real Estate Miami LLC | Occupant: | ☐ Owner | ☐ Tenant (Market Rent) | ☐ Tenant (Regulated Rent) | ☒ Vacant | ||||||||||||||
Project Type: | ☒ Condominium | ☐ Other (describe) | HOA: $ Unk. | ☐ per year | ☐ per month | ||||||||||||||
Market Area Name: | Continuum On South Beach Condo. | Map Reference: Desktop | Census Tract: 0045.00 | ||||||||||||||||
Project Name: | Continuum On South Beach Condo. | Phase: | 1 | ||||||||||||||||
MARKET AREA DESCRIPTION | Location: | ☒ Urban | ☐ Suburban | ☐ Rural | Predominant | Condominium Housing | Present Land Use | Change in Land Use | ||||||
Built up: | ☒ Over 75% | ☐ 25-75% | ☐ Under 25% | Occupancy | PRICE | AGE | One-Unit | 70 % | ☒ Not Likely | |||||
Growth rate: | ☒ Rapid | ☐ Stable | ☐ Slow | ☒ Owner 80 | $(000) | (yrs) | 2-4 Unit | % | ☐ Likely * | ☐ In Process * | ||||
Property values: | ☒ Increasing | ☐ Stable | ☐ Declining | ☒ Tenant 20 | 1,000 | Low | 0 | Multi-Unit | 0 % | * To: | _____________________ | |||
Demand/supply: | ☐ Shortage | ☒ In Balance | ☐ Over Supply | ☐ Vacant (0-5%) | 12,000 | High | 65 | Comm’l | 25 % | |||||
Marketing time: | ☐ Under 3 Mos. | ☒ 3-6 Mos. | ☐ Over 6 Mos. | ☒ Vacant (>5%) | 5,000 | Pred | 40 | Other | 5 % | |||||
Market Area Boundaries, Description, and Market Conditions (including support for the above characteristics and trends): | 5 ST TO THE NORTH,FISHER ISLAND | |||||||||||||
TO THE SOUTH ,ATLANTIC OCEAN TO THE EAST, BISCAYNE BAY TO THE WEST. FINANCING IS READILY AVAILABLE FROM A | ||||||||||||||
VARIETY OF SOURCES AT COMPETITIVE RATES. SOME SELLER FINANCING WAS ALSO NOTED. | ||||||||||||||
Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited. | ||
Form GPCONDO - “TOTAL” appraisal software by a la mode, inc. - 1-800-ALAMODE | 6/2007 | |
Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited. | ||
Form GPCONDO - “TOTAL” appraisal software by a la mode, inc. - 1-800-ALAMODE | 6/2007 | |
INDIVIDUAL CONDO UNIT APPRAISAL REPORT |
AM19MAR21 File No.: AM19MAR21 |
Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited. | ||
Form GPCONDO - “TOTAL” appraisal software by a la mode, inc. - 1-800-ALAMODE | 6/2007 | |
INDIVIDUAL CONDO UNIT APPRAISAL REPORT |
AM19MAR21 File No.: AM19MAR21 |
Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited. | ||
Form GPCONDO - “TOTAL” appraisal software by a la mode, inc. - 1-800-ALAMODE | 6/2007 | |
1. |
Capri hereby undertakes to each Office Holder listed in Annex A hereto
(each, as “Indemnitee”) to indemnify such Indemnitee for any liability or expense imposed on an Indemnitee due to or in
connection with any act performed by such Indemnitee prior to and including the effective time of the completion of the Contemplated Tender Offer (the “Effective Time”) (or any omission or failure to act), in the Indemnitee’s capacity as a director, officer, employee, agent, observer or fiduciary of the Company, any subsidiary thereof or any other corporation, collaboration, partnership, joint venture, trust or other enterprise, in which Indemnitee serves at any time at the request of the Company, without
fraud on the part of the Indemnitee.
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1.1. |
For the avoidance of doubt, “expenses” shall
include, without limitation, attorney’s fees and all other costs, expenses and obligations paid or incurred by an Indemnitee in connection with investigating, defending, being a witness in or participating in (including on appeal), or
preparing to defend, be a witness in or participate in any claim, action, suit, proceeding, alternative dispute resolution mechanism, hearing, inquiry or investigation relating to any matter for which indemnification hereunder may be
provided, and costs and expenses paid or incurred by an Indemnitee in successfully enforcing these obligations of Capri and any Company indemnification agreement. Expenses shall be considered paid or incurred by an Indemnitee at such time as
Indemnitee is required to pay or incur such costs or expenses, including upon receipt of an invoice or payment demand.
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1.2. |
The payments to be made hereunder shall be paid by Capri directly to an Indemnitee’s legal and other advisors as soon as practicable, but in any event no later than
fifteen (15) days after Capri receives a written demand from an Indemnitee, and any such payment shall be deemed to constitute indemnification hereunder. All amounts paid as indemnification hereunder shall be grossed up to cover any tax
payment that an Indemnitee may be required to make if the indemnification payments are taxable. Capri hereby agrees to make available to an Indemnitee any reasonable security or guarantee that an Indemnitee may be required to post in
accordance with an interim decision given by a court, governmental or administrative body, or an arbitrator, including for the purpose of substituting liens imposed on an Indemnitee’s assets.
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2. |
The total aggregate amount of indemnification payable by Capri with respect to all Indemnitees shall be US$7,500,000 (the “Limit Amount”). If the Limit Amount is insufficient to cover all the indemnity amounts payable with respect to all Indemnitees, then such amount shall be
allocated to such Indemnitees pro rata according to the percentage of their culpability, as finally determined by a court in the relevant claim, or, absent such determination or in the event such persons are parties to different claims, based
on an equal pro rata allocation among such Indemnitees.
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3. |
For the avoidance of doubt, neither the Limit Amount nor any other term herein shall limit or restrict an Indemnitee’s right to indemnification and/or reimbursement
and/or contribution pursuant to (A) any insurance policy of the Company or any of its subsidiaries (including without limitation the Company’s D&O liability insurance policy), (B) the Company’s Articles of Association and/or the
organizational documents of any subsidiary of the Company, in each case, as in effect immediately prior to the Effective Date, and (C) any indemnification agreement between the Company and/or any of its subsidiaries, on the one hand, and any
of the Indemnitees, on the other hand, with respect to acts or omissions by them in their capacities as such at any time at or prior to the Effective Date; and Capri agrees not to take any action that would adversely affect (i) the
obligations of the Company pursuant to any indemnification provisions under the Company’s Articles of Association of the Company and/or the organizational documents of any subsidiary of the Company, in each case, as in effect immediately
prior to the Effective Date, and (ii) any indemnification agreement between the Company and/or any of its subsidiaries, on the one hand, and any of the Indemnitees, on the other hand, with respect to acts or omissions by them in their
capacities as such at any time at or prior to the Effective Date (including in connection with the Contemplated Tender Offer).
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4. |
Capri’s obligation to indemnify the Indemnitees shall be for any claim arising during a period of seven years following the Effective Date (“Indemnification Period”).
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5. |
Each Indemnitee shall promptly notify Capri of the commencement of any action, suit or proceeding, and of the receipt of any notice or threat that any such legal
proceeding has been or shall or may be initiated against Indemnitee; provided, that the failure to provide prompt notice shall not
relieve Capri of its indemnification obligations hereunder, except to the extent that Capri is actually materially prejudiced by the failure to give such prompt notice. With respect to any such action, suit or proceeding as to which
Indemnitee has notified Capri of the commencement:
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5.1. |
Subject to any conflict of interests, any other confidentiality restrictions and applicable law, Capri will be entitled to participate therein at its own expense.
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5.2. |
Subject to any conflict of interests, any other confidentiality restrictions and applicable law, the Company will be entitled to assume the defense, with counsel
selected by the Company and approved by the Indemnitee, which approval shall not be unreasonably withheld. In such case, Indemnitee shall have the right to engage his/her own counsel in such action, suit or proceeding, but the fees and
expenses of such counsel shall be at the expense of Indemnitee, unless the engagement of counsel by Indemnitee has been authorized in writing by Capri or the Company.
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5.3. |
Capri shall not be liable to indemnify Indemnitee for any amounts or expenses paid in connection with a settlement of any action, claim or otherwise, effected without
Capri’s prior written consent which consent shall not be unreasonably withheld; provided, however, that if Capri does not consent to a settlement that would have resulted in all indemnifiable liability and expenses of the Indemnitees to be less than the Limit Amount,
then (a) the Limit Amount will increase to US$10,000,000 (instead of US$7,500,000) and (b) Capri shall deposit with the Escrow Agent an additional US$500,000.
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5.4. |
Subject to any conflict of interests, any other confidentiality restrictions and applicable law, the Company shall have the right to conduct the defense as it sees fit
in its sole discretion (provided that the Company and Capri shall keep the Indemnitee reasonably notified on a regular basis of all events in the action), including the right to settle or compromise any claim or to consent to the entry of any
judgment against Indemnitee without the consent of the Indemnitee, provided that, the amount of such settlement, compromise or judgment does not exceed the Limit Amount (if applicable) and Capri fully indemnifies the Indemnitee for all
amounts payable in connection with the settlement, and any such settlement, compromise or judgment does not impose any penalty or limitation on Indemnitee without the Indemnitee’s prior written consent. The Indemnitee’s consent shall not be
required if the settlement includes a complete release of Indemnitee, does not contain any admission of wrong-doing by Indemnitee, and includes monetary damages only which do not exceed the Limit Amount (if applicable) and Capri fully
indemnifies the Indemnitee for all amounts payable, as provided above. In the case of criminal proceedings, the Company, Capri and/or its legal counsel will not have the right to plead guilty or agree to a plea-bargain in the Indemnitee’s
name without the Indemnitee’s prior written consent. Indemnitee will not unreasonably withhold or delay its consent to any proposed settlement.
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5.5. |
Subject to any conflict of interests, any other confidentiality restrictions and applicable law, Indemnitee shall fully cooperate with Capri and shall give Capri all
information and access to documents, files and to his/her advisors and representatives as shall be within Indemnitee’s power, in every reasonable way as may be required by Capri with respect to any claim that is the subject matter hereof.
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6. |
Capri shall not be liable to make any indemnification payment to the extent an Indemnitee has otherwise actually received payment under any insurance policy or
otherwise of the amounts otherwise indemnifiable by Capri. Any amounts actually paid to an Indemnitee under any such insurance policy or otherwise after Capri has indemnified such an Indemnitee for such liability or expense shall be repaid to
Capri as soon as practical upon receipt by such Indemnitee.
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7. |
To secure Capri’s indemnification obligations hereunder, promptly following the Effective Time and in any event within 10 business days after the Effective Time, Capri:
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7.1. |
shall deposit with an escrow agent to be agreed between Capri and the Indemnitees (the “Escrow Agent”), an amount equal to US$2 million (the “Initial Escrow Amount”),
for the benefit of the Indemnitees pursuant to the terms of an escrow agreement to be signed with the Escrow Agent;
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7.2. |
shall register a first ranking mortgage (being the only mortgage on the apartment), in the name of the Escrow Agent, for the benefit of the Indemnitees, over the
apartment at 19 Vitkin Street, Tel Aviv, Israel (Gush/Helka 6960/32/6) that is registered in the name of Jill Ruth Schwarz and valued by the appraiser Jacob Eisenman in its report dated November 21, 2021, with a value of NIS 5 million (the “Apartment”), accompanied by a notarized irrevocable power of attorney to transfer the ownership of the Apartment (the “Irrevocable PoA”); and
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7.3. |
undertakes not to use the Apartment as security or other collateral for any other purpose until the end of the Indemnification Period.
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8. |
In the event of the commencement of any action, suit or proceeding that may give rise to a indemnification claim of an Indemnitee pursuant to the terms hereof in an
amount that is in excess of US$1 million, then within 30 days of Capri’s receipt of the notice of an Indemnitee regarding such proceedings, Capri shall provide the following additional securities: (i) Capri shall deposit with the Escrow Agent
an additional US$500,000 (“Supplemental Escrow Amount”), for the benefit of the Indemnitees; and (ii) Capri shall
provide the Escrow Agent a bank guarantee in the amount of US$1 million, issued by an Israeli bank (the “Bank Guarantee”),
which shall be held by the Escrow Agent for the benefit of the Indemnitees until the expiration of the indemnification obligations hereunder.
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9. |
All obligations herein shall survive the consummation of the Contemplated Tender Offer and the Effective Date, are intended to benefit and may be enforced by the
Indemnitees (or their heirs) and shall be binding on all successors and assigns of Capri, the Company and its subsidiaries. If Capri, the Company and its subsidiaries or any of their respective successors or assigns (i) shall consolidate
with or merge into any other person and shall not be the continuing or surviving corporation or entity of such consolidation or merger or (ii) shall transfer all or substantially all of its properties and assets to any person, then, and in
each such case, proper provisions shall be made so that the successors and assigns of Capri, the Company and its subsidiaries, as applicable, shall assume all of the obligations set forth herein.
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10. |
Capri represents and warrants that this Undertaking is valid, binding and enforceable in accordance with its terms and was duly adopted and approved by Capri and its
authorized foundation council , and shall be in full force and effect immediately upon its execution and shall continue to be in full force for the duration of the Indemnification Period.
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11. |
The undertakings of Capri pursuant to this Undertaking shall be widely construed and in a manner designated to give them effect, to the fullest extent permissible under
law. In the event of any contradiction between the provisions of this Undertaking and any provision of law which is not dispositive or which cannot be amended, the provision of law shall prevail, but the same shall not impair or derogate from
the validity of the other provisions hereunder. Capri shall perform any reasonable action controlled by Capri to execute any document, resolution and enter any proceeding required to allow it to effectuate and perform its obligations
hereunder.
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12. |
This Undertaking shall be (a) binding upon all successors and assigns of Capri, and (b) binding on and shall inure to the benefit of each Indemnitee’s heirs, personal
representatives, executors and administrators. This Undertaking shall continue for the benefit of each Indemnitee and his or her heirs', personal representatives', executors' and administrators' benefit after he or she ceases to be an Office
Holder.
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13. |
The provisions of this Undertaking shall be deemed severable and the invalidity or
unenforceability of any provision shall not affect the validity or enforceability of the other provisions hereof. If any provision of this Undertaking, or
the application thereof or any circumstance, is invalid or unenforceable, (a) a suitable and equitable provision shall be substituted in order to carry out, so far as may be valid and enforceable, the intent and purpose of such invalid or
unenforceable provision and (b) the remainder of this Undertaking and the application of such provision or circumstances shall not be affected by such
invalidity or unenforceability, nor shall such invalidity or unenforceability affect the validity or enforceability of such provision, or the application thereof, in any other jurisdiction.
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14. |
This Undertaking shall be governed by and construed and enforced in accordance with the laws of the State of Israel, without giving effect to the conflicts of law
provisions of those laws. Capri and each Indemnitee hereby irrevocably consent to the exclusive jurisdiction and venue of the courts of Tel Aviv, Israel for all purposes in connection with any action or proceeding that arises out of or
relates to this Undertaking.
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15. |
No supplement, modification or amendment, termination or cancellation of this Undertaking shall be binding unless executed in writing by Capri and each of the
Indemnitees. No waiver of any of the provisions of this Undertaking shall be deemed or shall constitute a waiver of any other provisions hereof (whether or not similar) nor shall such waiver constitute a continuing waiver. Any waiver shall be
in writing.
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The Capri Family Foundation
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By:
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Name and title:
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Alex Hilman
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Executive Chairman of the Board of Directors of the Company
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Amir Philips
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Chief Executive Officer of the Company
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Yakir Ben-Naim
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Chief Financial Officer of the Company
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Tali Yaron-Eldar
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Director of the Company
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Danny Lustiger
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Director of the Company
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Haim Ben-Simon
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Director of the Company
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Reuwen Schwarz
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Director of the Company
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